multifamily Archives

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 →

Western Wealth Capital’s Janet LePage earns honor

by in AZRE Magazine | Multi-Family

Esteemed Champagne House, Veuve Clicquot, has awarded Janet LePage, CEO and co-founder of Western Wealth Capital, with its 2016 New Generation Award. LePage was selected from a shortlist of young entrepreneurs from across Canada. LePage, 35 years old, has grown Western Wealth Capital, a Vancouver, Canada-based multi-unit rental property investment firm, to the 3rd largest… Read More →

Q3 multifamily report features analysis, outlook

multifamily
by in AZRE Magazine | Multi-Family

 Job Growth Intensifies Apartment Demand and Construction in Tempe Hiring by large companies will generate further demand in local apartments, creating density in urban corridors, according to a report compiled by Marcus & Millichap. Continued optimism by Phoenix employers boosted job growth during the past four quarters, with increases expected throughout the year. White-collar jobs… Read More →

CBRE completes $46M sale of Cantera Apartment Homes

Cantera Apartment Homes
by in AZRE Magazine | Multi-Family

CBRE completed the sale of Cantera, a 288-unit multifamily community located at 2475 W. Pecos Rd. in Chandler, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office handled the transaction. The seller was Rockwood Capital and the buyer was Aukum Management. “Strong demand for multifamily housing in Chandler is reflective… Read More →

$47 million ENVY Residences open in Downtown Scottsdale

Evny Residences
by in AZRE Magazine | Multi-Family

Deco Communities‘ $47M luxury condominium tower, ENVY Residences opened in Downtown Scottsdale in late September. At 8 stories tall, ENVY Residences is the tallest residential building in Scottsdale to be built in the last decade and offers some of the city’s most resplendent views. “Our vision for bringing a cosmopolitan luxury lifestyle experience has come… Read More →

JLL sells first Downtown Phoenix apartments of new cycle

by in AZRE Magazine | Brokerage | Multi-Family | Newsmakers

The first urban apartment project to be constructed and traded in Downtown Phoenix’s post-recession real estate upswing has sold this week in a $21.8 million deal brokered by the Phoenix office of JLL. Named Proxy 333, the project totals 118 highly amenitized urban multifamily units located in the heart of downtown’s Evans-Churchill neighborhood. The Proxy 333… Read More →