Urban core apartments aren't the only game in the Phoenix area, as investors are on the lookout for solid outer suburban properties. Recently, California-based Laguna Point Properties snapped up the 176-unit Town Center Apartments in Queen Creek for $22.6M.

"The buyer wanted the property for a number of reasons," according to ABI partner Eddie Chang, co-lead broker on the deal with Rue Bax, repping the buyer. “First, there’s extremely limited inventory in Queen Creek, in fact, there’s only one competing project and one currently in the planning phases."

The area's population has exploded, rising over 30% since 2010 alone and among the fastest-growing cities in the U.S. "Given these strong fundamentals, the buyer jumped at the Class-A asset with value-add upside,” Chang said.

The property is on a bit more than 10 acres and is relatively new, completed in 2009. Besides Chang and Bax, John Kobierowski, Alon Shnitzer and Doug Lazovick also repped the buyer. The seller was K and M Development #1, based in Arizona.