JLL Capital Markets announced the sale of two garden-style apartment communities, totaling $20.65 million across the Phoenix metropolitan area. The transactions include the $10.7 million sale of Maryland Greens, a 78-unit community in Phoenix that sold from Maryland Green Multifamily, LLC to Neighborhood Ventures, and the $9.95 million sale of The Rio, a 44-unit community in Mesa that sold from Capital Allocation Partners to White Haven.
The sales demonstrate strong private capital demand for value-add opportunities in supply-constrained markets. JLL represented both buyers and sellers in these strategic acquisitions.
Maryland Greens, located at 749 East Maryland Avenue in Phoenix, features 78 one-bedroom units averaging 532 square feet across 2.82 acres in Mid-Town Phoenix. The property is strategically positioned with direct access to Interstate 17 and State Route 51, placing residents minutes from Phoenix’s largest employment centers. Maryland Greens sits adjacent to the Camelback Corridor financial district with over 40,000 employees and near the Central Avenue Corridor with an additional 48,000 workers.
The Rio, located at 830 N Alma School Road in Mesa, achieved the highest price per unit sale in Mesa year-to-date for non-new construction properties with 15 or more units at $226,136 per unit. Built in 1986 and extensively renovated in 2023, the property sits on 1.79 acres and offers an attractive unit mix comprising 64 percent two-bedroom, two-bathroom units averaging 950 square feet and 36 percent one-bedroom units averaging 625 square feet. All units feature in-suite washers and dryers.
Community amenities include a swimming pool with patio area, barbecue area, 44 covered parking spaces, 36 uncovered spaces and individual storage units. The Rio benefits from its premier Mesa location within 1.5 miles of Phoenix Metro Light Rail access, providing convenient transportation to Arizona State University and downtown employment centers.
The JLL Capital Markets team was led by Senior Managing Director Brian Smuckler and Senior Director Derek Smigiel.
“Private investors continue to demonstrate strong appetite for Phoenix multifamily assets, particularly those offering clear value-add potential in supply-constrained submarkets,” said Smuckler. “Both Maryland Greens and The Rio generated competitive bidding processes, with The Rio achieving a record per-unit price for Mesa. These results reflect investor confidence in Phoenix’s long-term growth trajectory and the scarcity value of well-positioned apartment communities in established neighborhoods.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
