Bob La France
Multifamily Lead Investor & General Partner
Phoenix MSA
LCM5 LLC | Asset Management
Experience at a Glance
784
Units as Lead Investor / GP
651
Current Phoenix MSA Units
4,505
Units Invested in Passively
2017
Inaugural LU Lead Investor
Current Phoenix Portfolio
651 units currently owned and operated in the Phoenix MSA
The Naya Apartments
Phoenix • 227 units • Acquired 2025
Glenridge Apartments
Glendale • 135 units • Acquired 2022
The Union on 28th
Phoenix • 224 units • Acquired 2021
The Heights on Lemon
Tempe • 65 units • Acquired 2021
1. The supply wave is receding
The development pipeline is shrinking materially from its peak. As of Q2 2026, units under construction had declined to their lowest level in Phoenix since early 2021, which should translate into less competitive new supply over the next several years.
Sources: CoStar, Yardi Matrix, Northmarq
2. Demand is finally outrunning new supply
Through the first half of 2026, apartment absorption exceeded new deliveries — the first step toward reducing excess vacancy. Northmarq reported more than 12,400 units absorbed versus fewer than 6,700 units delivered through midyear.
Sources: CoStar, Northmarq
3. Jobs and in-migration still support renter demand
Phoenix continues to add jobs, while net in-migration remains positive even though it has moderated from earlier peaks. As of mid-2026, 23,600 jobs had been added over the prior 12 months and roughly 29,100 net new residents had been added.
Sources: Berkadia, BLS
4. Vacancy appears to have passed its peak
Metro vacancy peaked around 12.6% in Q4 2025 and has since declined toward roughly 10.8% in 2026.
Source: CoStar
5. Rent pressure is easing — and the next 12–24 months may look very different from the last 24
Phoenix rents remain below year-ago levels, but declines have narrowed materially in 2026 and recent monthly trends point to stabilization. If supply continues to fall while demand remains positive, the market could transition from occupancy recovery to modest rent growth and improved pricing power.
Sources: RealPage, Yardi Matrix, CoStar, LCM5 analysis
Phoenix has worked through one of the largest apartment supply waves in the country. The market is not fully recovered, but several important indicators are beginning to move in the right direction. These are the five trends I’m watching most closely over the next 12–24 months.
5 Things I’m Watching in Phoenix Multifamily
Where Are We in the Cycle?
Phoenix remains in the Recovery phase of the apartment cycle — the stage where excess supply is absorbed, vacancy begins to improve, and rents stabilize before full expansion.
What I’m watching in Phoenix now
Supply is declining • Absorption is strong • Vacancy is improving • Rent pressure is moderating
About Bob
I joined Lifestyles Unlimited in 2015 and became an inaugural Lead Investor in 2017. Since then, I’ve served as Lead Investor / General Partner across six multifamily investments totaling 784 units and more than $170 million in transactions. I’ve also invested passively in more than 4,500 units.
Before focusing on real estate, I spent more than 25 years in technology, including long tenures at Apple and Yahoo, as well as multiple startup companies.
Today, my focus is operating and investing in multifamily properties throughout the Phoenix MSA, with particular attention to improving property operations, resident experience and long-term asset value.