multifamily Archives

301-unit apartment community in Phoenix sells for $12.7M

by in AZRE Magazine | Brokerage

Cushman & Wakefield announced the $12,742,000 sale of La Reserve at Forty-Fifth, a 301-unit apartment community located at 2627 N. 45th Avenue in Phoenix, to Phoenix-based Jevan Capital, PLLC. Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the seller, CEGOP-PHX 1, LLC of Fort Collins, Colo. Built in 1972, La… Read More →

Berkadia secures $29.7M for Phoenix multifamily property

Berkadia announced the sale of the 152-unit Park 28 Apartments, a new luxury multifamily community located in Phoenix. Senior Managing Director Mark Forrester, Senior Managing Director Ric Holway and Senior Director Dan Cheyne closed the $29.7 million sale on behalf of the seller, an entity of Evergreen Development Company. The buyer was Pure US Apartments… Read More →

Fenix Development breaks ground on Tempe project

Fenix Development, a Los Angeles-based real estate investment and development company, has broken ground on Phase I of The Watermark | Tempe at the north bank of Tempe Town Lake. Phase I, of the 1.9 million-square-foot mixed-use development, will include 250,000 square feet of premium Class A office space, 44,000 SF of high-end restaurant and boutique retail service… Read More →

How to capitalize on hot Phoenix apartment market

The apartment market in Downtown Phoenix is hot, really hot, and members of the Arizona Multihousing Association (AMA) are cautiously optimistic that the market will remain one of the hottest in the country for at least a couple more years. In a standing room only crowd of over 60 people, AMA hosted its second-ever Quarterly… Read More →

Watt Communities sees domino effect of success

Watt Communities of Arizona today announced that it has reached 100 percent sold out at Dorsey Lane, the residential townhome community near downtown Tempe that marked the company’s entrance into Arizona’s upscale urban infill housing market. Today, Watt’s presence has expanded into a $73 million project pipeline, with six properties either under construction or now… Read More →

Tempe apartments on Baseline sell for $16.35M

Tempe Apartments Sevilla
by in AZRE Magazine | Multi-Family

Sevilla, a 169-unit apartment complex at 1145 W. Baseline Rd., Tempe, sold for $16.35 million to Deleware-based Capital Real Estate LLC, according to Berkadia, the brokerage firm on the deal. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Berkadia Phoenix office exclusively listed the property… Read More →

Report: Average Phoenix rents reach new high

Phoenix rents multifamily
by in AZRE Magazine | Multi-Family

Phoenix’s average rent reached a new high this past February at $976 compared to 2016’s February average rent at $935, according to Axiometrics an apartment and student housing analytics firm. The Phoenix annual effective rent growth for February is at 4.4 percent, with a 94.6 percent occupancy rate in Phoenix, according to the report. The… Read More →

The Highlands in Scottsdale sell for $48.5M

The Highlands
by in AZRE Magazine | Multi-Family

A 272-unit Scottsdale multifamily community was sold by its California-based owners to another California-based firm for $48.5 million, according to CBRE, which worked on the deal. The Highlands, a garden-style community with one, two and three-bedroom floor plans, was bought by Newport Beach-based Olen Properties from Irvine-based Bascom Group. Bascom Group was represented by Tyler Anderson, Sean… Read More →

Report: Phoenix posts $4.97 billion in apartment sales in 2016

by in AZRE Magazine | Multi-Family

By all accounts, the Phoenix MSA multifamily market had an absolute banner 2016 investment year fueled, in large part, by both robust jobs and population growth. On the jobs front, Phoenix area economic development officials worked overtime in luring a whole host of corporate/regional office relocations, tech/manufacturing company openings and existing business expansions. Top job… Read More →

Industrial & office steal spotlight from multifamily at 10th Annual IREM-CCIM Economic Forecast

While many turned their attention to Washington D.C. for the inauguration of President Donald Trump, the Valley’s heaviest hitters in commercial real estate joined forces at the 10th Annual IREM-CCIM Economic Forecast on Friday at the Arizona Biltmore. For the program, 21 of the Valley’s top commercial real estate leaders with 521-plus years of combined CRE… Read More →

2017 Outlook: Multifamily looking steady

Vacancy rates remain low despite the ongoing delivery of new high-end multifamily units. As long as vacancy remains in check, the multifamily market will remain strong in the Valley, which reports the average volume and sale price per unit is higher than 2007’s peak. Metro Phoenix set a new record for multifamily last year for… Read More →

Mesa multifamily complex sells in off-market transaction

Mesa multifamily
by in AZRE Magazine | Multi-Family

Country Club Greens Apartment Homes, totaling 68 units, closed Monday for $6,025,000 ($88,603/unit). The building was fully occupied at close of escrow. Christopher Roach, Matthew Roach, and Joseph Dietz of ORION Investment Real Estate negotiated the off market transaction. “The buyers are a father and son team out of Vancouver, Canada. They plan to hold the… Read More →

Marcus & Millichap sells 155-unit property for $10.6M

Marcus & Millichap
by in AZRE Magazine | Multi-Family

Marcus & Millichap (NYSE: MMI) negotiated the sale of Wyndham Place, a 155-unit multifamily community located in Phoenix, Arizona. The asset commanded a sales price of $10,600,000 or $68,387 for unit. Rich Butler, a senior director of Marcus & Millichap’s National Multi Housing Group and Brian Tranetzki, an associate director of Marcus & Millichap’s National Multi… Read More →

Metro Phoenix multifamily rents rise as vacancy drops

Central phoenix apartments

Colliers International in Greater Phoenix released its third quarter 2016 Multifamily Statistics, which report that market conditions strengthened in the past three months, decreasing vacancy and pushing rents higher. This decrease in vacancy occurred during a period when developers brought new units to the market, showing how strong demand is in this Southwest city, according… Read More →