Multi-Family Archives

Institutional Property Advisors closes $41.4M in multifamily deals

by in AZRE Magazine | Brokerage | Multi-Family

Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed $41.4 million in deals recently.  Value-Add Multi-Housing Asset Sold by IPA in Phoenix IPA announced the sale of Sonoma Villas, a 265-unit multifamily asset in Mesa, Arizona. The $22.4 million sales price equates to $84,528 per unit. “Constructed in 1980, Sonoma Villas provides new… Read More →

Multifamily housing booms along Chandler’s Price Corridor

by in AZRE Magazine | Multi-Family

As Chandler’s booming Price Corridor continues to grow, area homebuyers are driving a new demand for luxury urban living which is fueling new developments like The Cays at Downtown Ocotillo, one of the area’s first upscale condominium developments. In the past decade, Chandler has gained over 100,000 new residents bringing the total population to nearly… Read More →

Contest offer artists free rent at Broadstone Arts District

by in AZRE Magazine | Multi-Family

Broadstone Arts District, a work of art in its own right, will be giving three lucky artists the chance of a lifetime to live rent-free for four months while developing their craft and making a name for themselves within the downtown Phoenix arts community.  “Broadstone Arts District believes in the value of art and its… Read More →

P.B. Bell breaks ground on Arista at Ocotillo

by in AZRE Magazine | Construction | Multi-Family

P.B. Bell, a leader in multifamily housing development, management and acquisitions, is marking the groundbreaking of its latest project, a resort-style community within the Ocotillo master-planned community in Chandler, Arizona. Arista at Ocotillo is being developed with joint venture partner Gilbane Development Company. MT Builders will partner with the team to bring Arista to life.  The… Read More →

HFF secures $36.3M financing for 292-unit Capital Place

by in AZRE Magazine | Multi-Family

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $36.3 million in financing for Capital Place, a 292-unit, Class A multi-housing community in downtown Phoenix, Arizona. HFF worked exclusively on behalf of the borrower, Epoch Residential, to place the three-year, floating-rate loan with a life company lender. Capital Place is located on the… Read More →

Yardi Matrix report: Rents stabilize, market solid

by in AZRE Magazine | Multi-Family

Average U.S. multifamily rents rose $1 to $1,350 in July, according to a survey of 121 markets by Yardi Matrix. Rents were up 2.6% during the month on a year-over-year basis. The multifamily market remains strong despite the modest growth, as rents historically moderate in the second half of the year. Also, “the market is… Read More →

Report: Phoenix doesn’t have enough apartments short-term, either

Central Avenue mixed-use project

Despite delivering 22,952 new apartment units from 2011 to 2016, demand vastly exceeded supply by approximately 7,100 units; if based on 2016/17 population estimates which saw Maricopa rank No. 1 in the country in population growth, the deficit rises to approximately 12,000 now and 18,000 by 2020.  In fact, if Medium Range Growth Projections are used,… Read More →

Passco Companies sells Ovation at Tempe for $36M

by in AZRE Magazine | Multi-Family

Passco Companies along with its JV-partner, InSite Property Ventures, has sold Ovation at Tempe, a 270-unit multifamily community in the Phoenix submarket of Tempe, Arizona for $36 million. The JV partnership initially acquired the asset for $25.85 million in 2014 and sold it for $36 million three years later, according to Passco’s Founder and CEO, Bill… Read More →

Dolce Villagio in Tempe sells for $270,270 per unit

by in AZRE Magazine | Multi-Family

Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Dolce Villagio, a 37-unit apartment community in Tempe, Arizona. The sales price is $10 million, which equates to $270,270 per unit. “Dolce Villagio delivers sophisticated living in an unparalleled location surrounded by… Read More →

CBRE completes $32.5M sale of San Paulo Apartments

by in AZRE Magazine | Multi-Family

CBRE has completed the sale of San Paulo, a 208-unit Class A multifamily community located at 14625 South Mountain Parkway in Phoenix. The property commanded a sale price of $32.5 million. Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Seattle-based PrivatePortfolio Group. The buyer was New York… Read More →

CBRE will market and sell Containers on Grand

by in AZRE Magazine | Brokerage | Multi-Family

CBRE announces the firm has been selected as the exclusive agent to market and sell Containers on Grand, a sustainable apartment community made of repurposed shipping containers. The downtown Phoenix project was the first shipping container community in the Western U.S. and is the only shipping container community in the country on the market. Located… Read More →

District Lofts now pre-leasing in Gilbert’s Heritage District

by in AZRE Magazine | Multi-Family

Renters looking to establish roots in one of the most desirable areas in the U.S. have a new option: District Lofts. District Lofts is the only luxury rental community located within the Town of Gilbert’s soulful, urban and walkable Heritage District neighborhood. The Heritage District continues to lure the region’s most premier shops, dining and… Read More →

Tempe apartments on Broadway sell for $41.81M

Tempe apartments on broadway
by in AZRE Magazine | Multi-Family

A 194-unit Tempe apartment complex near Broadway and Rural roads was recently sold for $41.81 million to Toronto-based Brass Enterprises. Trinsic Residential Company and CNL Growth Properties, which were both represented by JLL Executive Vice Presidents John Cunningham and Charles Steele, sold the complex, Aura at Broadway. The complex is located at 1221 E. Broadway Rd.,… Read More →

What are the 10 most expensive Arizona zip codes for rent?

Infill development
by in AZRE Magazine | Multi-Family

Although the average rent in Arizona was hovering around $947 at the end of Q1—quite far below the national average that hit $1,316 in May—, certain spots in the desert can yield generously for landlords. In fact, that statewide average is the result of a 5.8% year-over-year growth, one of the highest state-level growth rates in the country… Read More →