multifamily Archives

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

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


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

C:UsersRogerDesktopProjectsHines - Chandler CommonsCADCD

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 →

Watt Communities announces multifamily, in-fill projects

The Enclave at 32nd

Watt Communities of Arizona has doubled its Phoenix project pipeline and brought its total local construction commitment to more than $21 million with the announcement of two new urban infill communities: The Enclave at 32nd Street and 16 Ocotillo. The move grows the company’s local presence and expands its product offerings to include single-family detached… Read More →

ORION sells 44-unit Carole Arms apartments

Carol Arms, WEB
by in AZRE Magazine | Brokerage

ORION Investment Real Estate announced the sale of Carole Arms Apartments, a 44-unit apartment complex located at 2535 W. Coolidge St. in Phoenix. The property sold for $1,159,500 ($26,352 per unit). Built in 1985, Carole Arms Apartments consists of one & two-bedroom units that feature a wide array of amenities. These include all electric gourmet… Read More →

128-Unit Senior Housing Community Comes to Ahwatukee

Rendering of Generations at Agritopia (a sister property). Renderings of the Ahwatukee location are not yet completed.

Investment Property Associates, LLC (IPA) and Retirement Community Specialists (RCS) have partnered for a second time to develop a senior living community in Ahwatukee near the southwest corner of Chandler Boulevard and 50th Street.  The 8-acre site of the planned senior community is part of a 35-acre mixed-use parcel acquired by IPA in 2012. The… Read More →

Marcus & Millichap Sells 32-Unit Multifamily Asset in Phoenix

Lexington Court Apartments, WEB

Marcus & Millichap Real Estate Investment Services has announced the sale of Lexington Court Apartments, a 32-unit apartment community located in downtown Phoenix. The asset commanded a sales price of $1.7M or $53,125 a unit. Brian Tranetzki and Rich Butler, multifamily investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing assignment to… Read More →