May 06, 2022
PHOENIX – Transwestern Development Company (TDC®) announces the sale of Lydian, a 209-unit multifamily community at 1314 N. 3rd St. in Phoenix, Arizona. Knightvest Capital acquired the property for $66 million, or $313,400 per unit.
“Phoenix remains one of the healthiest multifamily markets in the nation,” said Brendan O'Leary, Southwest Partner at TDC. “High levels of in-migration and a diverse economy continue to drive investor interest. Lydian’s sale price is a testament to the demand.”
In 2021, Phoenix reported the highest multifamily sales volume ($14.5 billion) in the nation, averaging $203,873 per unit, according to Transwestern research.
In late 2021, TDC broke ground on a 200-unit multifamily development at 651 E. 6th St. in the Novus Innovation Corridor. The project is expected to deliver at year-end 2023. Last year, Knightvest Capital acquired another TDC project, the 340-unit Portrait at Hance Park, at 1313 N. 2nd Street in Phoenix.
At present, TDC has 10 multifamily projects totaling 2,529 units under construction, in pre-development or recently delivered nationwide, including 1,555 units in the Sunbelt.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.