I'm sure that some investors will make money buying Phx RE these days. Consider looking at other deals just to get some comparables to the one you are interested in. There may be a dozen projects for sale, just like that one.
Having lost two years of income in speculative Phx RE in the early 80's, my suggestion is to let the first one pass. If the rental market does hold up, more deals will be available.
For his retirement, my Dad bought 4.5% 30 year bonds in 1967. For his investing life, that was a high bond rate. The next decade was not good for bonds. Be wary of deals on the edge of major changes.
My thoughts are, if the price and the future are both so good, why is the RE up for sale?