Maryland Greens and The Rio apartment communities in supply-constrained Phoenix submarkets trade hands
PHOENIX (Sept. 12, 2025) – JLL Capital Markets announced the $20.65 million sale of two garden-style apartment communities in the Phoenix metropolitan area, underscoring strong private investor demand for value-add opportunities in supply-constrained submarkets.
The transactions included the $10.7 million sale of Maryland Greens, a 78-unit property in Phoenix, from Maryland Green Multifamily, LLC to Neighborhood Ventures, and the $9.95 million sale of The Rio, a 44-unit property in Mesa, from Capital Allocation Partners to White Haven. JLL represented both buyers and sellers.
Maryland Greens
Located at 749 East Maryland Avenue in midtown Phoenix, Maryland Greens offers 78 one-bedroom units averaging 532 square feet across 2.82 acres. Built in 1967, the community features a swimming pool, landscaped courtyard, barbecue areas, covered parking, on-site laundry, and electronic access gates. Its location provides direct access to Interstate 17 and State Route 51 and places residents near two of the city’s largest employment centers: the Camelback Corridor, with over 40,000 jobs, and the Central Avenue Corridor, with another 48,000 jobs.
The Rio
At 830 North Alma School Road in Mesa, The Rio achieved the highest price per unit this year for non-new construction properties with 15 or more units, closing at $226,136 per unit. Built in 1986 and renovated in 2023, the property spans 1.79 acres and offers a mix of 64 percent two-bedroom, two-bath units averaging 950 square feet and 36 percent one-bedroom units averaging 625 square feet. All units are equipped with in-suite washers and dryers. Community amenities include a pool with patio, barbecue area, 44 covered and 36 uncovered parking spaces, and individual storage units. The Rio is within 1.5 miles of Phoenix Metro Light Rail, providing easy connections to Arizona State University and downtown job hubs.
The JLL Capital Markets team was led by Senior Managing Director Brian Smuckler and Senior Director Derek Smigiel.
Brian Smuckler commented on the deal, “Private investors continue to demonstrate strong appetite for Phoenix multifamily assets, particularly those offering clear value-add potential in supply-constrained submarkets.” He noted that both Maryland Greens and The Rio generated highly competitive bidding, with The Rio setting a record per-unit price for Mesa. “These results highlight investor confidence in Phoenix’s long-term growth and the scarcity value of well-located apartment communities in established neighborhoods,” he added.