multifamily Archives

$57M Downtown Phoenix apartments to open in February

Downtown Phoenix Apartments
by in AZRE Magazine | Multi-Family

Two Phoenix apartment complexes near Washington and 12th Streets will have a public grand opening on Feb. 25. Phoenix Mayor Greg Stanton will commemorate the grand opening of Capital Place, a $57 million 292-unit apartment complex. The open house event will showcase the new project and highlight downtown living. In partnership with neighboring businesses, the… Read More →

What is the 2016 commercial real estate outlook?

Marina heights dusk(c) 2013 DAVIS
by in AZRE Magazine | In The Spotlight

When Luke Skywalker first cast eyes upon the Millennium Falcon, he was less than impressed. To him it was a “piece of junk.” Although perhaps not viewed as trash, the Phoenix economic and commercial outlook has admittedly taken a beating for some time. Much like Han Solo, however, experts see something in the slow, yet… Read More →

Shopping Malls prepare to make a comeback

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by in AZRE Magazine | In The Spotlight | Retail

If “slow and steady” is the general theme for the 2016 commercial real estate outlook, shopping centers may have a quasi-theme of “rocket boost.” With a lagging economic recovery and what most agree is as an overbuilt retail sector, where exactly will this push occur? The answer may lie in the place most worshipped by… Read More →

IPA sells Tempe multifamily property for $16.6M

Sold Sign
by in AZRE Magazine | Brokerage | Multi-Family

Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of Cabana on McClintock, a 181-unit multifamily property in Tempe for $16.6 million. IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities,… Read More →

Stone Canyon sells for $47M

Stone Canyon, Courtesy of CBRE

CBRE has completed the sale of Stone Canyon, a 392-unit apartment complex located at 5210 E. Hampton Ave. in Mesa. The multifamily asset sold for $47 million and was 95 percent leased at time of sale. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers, a group of… Read More →

Rents spike as vacancy continues to tighten

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Market report supplied by Colliers International THE BROADER VIEW The Greater Phoenix multifamily market continued to ride a wave of momentum to start 2015. Robust renter demand for units fueled another vacancy improvement, rents surged and sales prices posted additional gains. Healthy employment growth is the driving force behind renter demand, and the new units… Read More →

Op-Ed: Blueprint for success in recovering multifamily markets

will bruder

By Flynann Janisse, Executive Director, Rainbow Housing Assistance Corporation When the housing market collapsed in 2008, the industry as a whole saw individuals and families quickly scramble to find housing that could accommodate their new financial situations. During the height of the housing crisis, the National Low-Income Housing Coalition noted that in 2011 the lack… Read More →

Velaire at Aspera breaks ground in Glendale

Aspera, Courtesy of Todd & Associates, Inc.

The P.B. Bell Companies has begun construction on Velaire at Aspera, an apartment community within the Aspera mixed-use development in Glendale. Located at 75th Avenue and the Agua Fria Loop 101 Freeway, Velaire at Aspera will offer 286 luxury apartment homes in a resort-like setting, with amenities that include an electric-car charging station, an agility… Read More →

RED Awards 2015: Best Multifamily Project

2015 RED Award logo
by in AZRE Magazine | Blogs | Events

On Feb. 26, AZRE hosted the 10th annual RED Awards reception at the Arizona Grand Resort & Spa in Phoenix to recognize the most notable commercial real estate projects of 2014 and the construction teams involved. RED Award trophies were handed out in 10 project categories, to six brokerage teams and safety, subcontractor, architect, general… Read More →

Multifamily developers make name brand connection

Multifamily

Naming apartment communities has always been an art form. Some community names connect to romantic or exotic locales, others to the landscape and still more simply to location. “We believe that an apartment is more than just a place to have dinner and go to bed,” says Rob Lyles, partner in Deco Communities. “We see… Read More →

CBRE to market office space at Chandler Viridian

Chandler Viridian, CBRE

CBRE has been awarded the marketing assignment for the ±240,000 SF office portion of Chandler Viridian, the $150 million, mixed-used project to be developed by Hines. The multi-faceted development project will be located on the former Elevation Chandler site near Chandler Fashion Center. Construction on the project is slated to begin 1Q 2015 and will… Read More →

Hines closes on purchase of 25-acre Chandler Viridian

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Hines, the international real estate firm, announced today that it has closed on the purchase of the 25.5-acre site for Chandler Viridian, a mixed-use property on the northwest corner of the Loop 101/Loop 202 interchange, adjacent to the Chandler Fashion Center. Hines has been working on Chandler Viridian for nearly two years due to the… Read More →

The value-add play in Phoenix’s multifamily market

Fiesta Park

By:  Steve Jaffe, Executive Vice President and General Counsel, BH Properties   During the most recent Great Recession, Phoenix saw property values drastically decrease and apartment owners lose tenants due to lost jobs. The domino effect resulted in owners dropping rents to maintain occupancy, which, in turn, caused them to lose out on money they would… Read More →

Colliers’ Cooke Team brokers largest multifamily portfolio in Phoenix

Metro Value Add Portfolio, Colliers, WEB

The Cooke Multifamily Investments Team at Colliers International in Greater Phoenix completed the sale of a 2,759 unit-multifamily portfolio for $168.5 million. To date, the largest multifamily portfolio closed in Metro Phoenix and it could hold the record for 2014. The size of this Class A and Class B Value-Add Metro Phoenix Portfolio attracted attention… Read More →