Three-Asset Phoenix Apartment Sale Closes for $244.8M

Three-Asset Phoenix Apartment Sale Closes for $244.8M
News| July 23, 2025| Mike Boyd
Phoenix & Southwest + Apartment Buildings

Sunroad Enterprises sold a three-multifamily community portfolio to Fairfield Residential for $244.8 million. The 907-unit, three-complex sale is worth nearly $270,000 a unit.

The Phoenix Business Journal reports the three properties include Lazo Apartments in Chandler, a 346-unit project that sold for $100 million. Built in 2001, the last time the project sold was in 2020 for $84 million; Zone Apartments in Glendale, built in 2006, with 308 units, was sold for $81.75 million. It last sold in 2019 for $63 million; and Zone Lux, a 253-unit project in Glendale that sold for $62.5 million. Built in 2007, it last sold for $55.4 million in 2020.

Fairfield’s 24 multifamily developments are valued at $1.8 billion. The deal brings Fairfield’s owned units to 46,100.

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