Developers file site plan for next residential phase at CityNorth project in Phoenix
Why this matters
Multifamily has been the most actively underwritten sector through the rate cycle, with cap rate compression resuming in Sun Belt and gateway markets as 2024-2025 deliveries roll off and refinance demand on 2021-vintage bridge loans clears. Transaction velocity is up modestly, concentrated in stabilized Class A and grocery-adjacent garden assets. Phoenix is at the front of the Sun Belt multifamily rent-growth recovery and continues to absorb large-format industrial along the I-10 corridor. Allocators continue to favor residential for its income durability and its insulation from secular demand questions that still hang over commercial sectors.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 34th Phoenix story tracked on the wire in August 2026. All Phoenix coverage →
- Disclosed multifamily deal value tracked in August 2026: $16.4B across 160 reported transactions. All Multifamily coverage →
Computed from Real Estate Trail’s own tracked coverage
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