The Hibiscus — Sale in Phoenix, AZ

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Phoenix, AZ 85016

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Description

Offering an exceptionally rare opportunity to own irreplaceable real estate in one of Metro Phoenix's most prestigious infill locations, The Hibiscus ("the Property") is ideally situated within the highly sought-after Biltmore Submarket, surrounded by the exclusive neighborhoods of Biltmore, Arcadia, Paradise Valley, and Uptown Phoenix. Residents enjoy immediate access to an unmatched collection of upscale dining, premier retail, entertainment, and lifestyle amenities, highlighted by Biltmore Fashion Park just minutes away. The Property is also adjacent to the Biltmore Employment Corridor and less than three miles from the Innovation Corridor, providing access to more than ±117,000 employees across approximately ±3,300 employers. Further enhancing its investment appeal, the Biltmore Submarket continues to exhibit some of Metro Phoenix's strongest apartment fundamentals, supported by limited incoming multifamily supply and significant barriers to new development. Furthermore, The Hibiscus offers exceptional affordability, with renting remaining approximately 78% and 80% less expensive than homeownership within the one- and three-mile radii, respectively, while residents benefit from attractive rent-to-income ratios of just 15% and 16%, reinforcing the Property's compelling value proposition and broad renter appeal. Originally developed in 1960, the Property's unit mix features uniquely expansive floorplans consisting of one-bedroom (±30%), two-bedroom (±65%), and three-bedroom (±5%) units covering an average of ±1,104 square feet. Future ownership will have the opportunity to implement a platinum-level interior renovation program to all units and capitalize on the associated interior renovation premium available in such an elite location. Investment Highlights: • Exceptionally Rare Multifamily Asset North of Camelback Road in the Prestigious Biltmore Submarket • Two-Bedroom Dominated Unit Mix with Uniquely Expansive Floorplans averaging 1,104 square feet • Full Scal

Market Context

This multifamily in Phoenix, AZ is listed for sale. Compare it against other multifamily listings for sale in Phoenix, AZ — view the full market.

As of Q1 2026, the Phoenix multifamily market showed a 12.1% vacancy rate, average asking rents near $1561.50/unit/mo, rents up 2.9% year over year, and cap rates around 5.9%. Source: multiple brokerage reports, Q1 2026.

Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Phoenix?
About 5.9% as of Q1 2026, per multiple brokerage reports.
Is the Phoenix multifamily market tightening or softening?
Vacancy is around 12.1%, with asking rents rising year over year (Q1 2026).

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