September 29, 2023

The Freddie Mac Multifamily Apartment Investment Market Index (AIMI) rose by 5.1% in the second quarter. This was the second consecutive quarterly increase of AIMI nationwide and in all 25 markets. On a year-over-year basis, the index saw a decrease nationwide and in 23 markets. However, the year-over-year drop

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Scottsdale-based Aspirant Development has been busy planning major projects in and around downtown Phoenix over the past year. News broke this summer about the company’s plans to move forward with a 45-story tower and mixed-use project called Astra after it was first proposed several years

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Where does Phoenix want to grow retail and restaurants? Restaurants, shops and entertainment options can create a sense of place in neighborhoods and can preserve an area’s culture. Karla Scott is the economic development program manager for Phoenix and focuses on retail. She outlined

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A Hilton-branded hotel in Old Town Scottsdale has been sold roughly three years after it opened in one of the year’s biggest hospitality deals. The 177-room Canopy by Hilton Scottsdale Old Town hotel was acquired Sept. 26 by Dynamic City Capital for nearly $102 million, according to real estate database

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Arizona housing units rose 8.3% from 2010 to 2020. This article reports on housing in Arizona based on the 2020 Census. It will look at what changed over the decade between 2010 and 2020, how the 2020 data compares to the nation, to other states, within Arizona, and in some cases, by race

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September 28, 2023

The next billion-dollar development project in north Scottsdale took another step toward reality on Wednesday. A rezoning for The Parque — a mixed-use development at the site of the former CrackerJax amusement park — was recommended for approval on Sept. 27 by the Scottsdale

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For sale: lightly used regional sports park in Mesa. 41 pickleball courts. 22 soccer fields and more. $150M OBO. Call Henk Taylor. Not for sale: 320 acres of land. Nonprofit Legacy Cares hopes to execute a sale soon of Legacy Park, the sprawling amateur and youth sports facility in southeast

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The West Valley in Phoenix is set to receive the largest supply addition on record this year, with more than 4,600 new apartment units expected to be completed by the end of this year. For comparison, the region had less than 3,000 cumulative net completions from 2010 to 2019. The West Valley includes many

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As living costs rise, consumers have become more discerning and strategic in their approach to grocery shopping. Aldi has declared that the way people shop for groceries in Britain has undergone a significant transformation due to the current cost-of-living crisis. The company, which has

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Higher interest rates have deflated real-estate bubbles across the world, according to UBS. Central banks have aggressively hiked borrowing costs over the past 18 months to combat inflation. The New York, Boston, and San Francisco markets are all fairly valued now, the Swiss bank said. One benefit of global

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September 27, 2023

Consumers and investors were spared from a 12th rate hike when Federal Reserve officials voted to keep their benchmark borrowing rate steady at their September meeting. Don’t take the pause as an indication that officials are ready to sound the all-clear on their firefight against inflation. Along with their September

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The Federal Reserve’s Sept. 20, 2023, press release justified its actions in holding the Effective Federal Funds Rate (EFFR) at its current range of 5.25% to 5.5%. Briefly: Economic activity “expanding at a solid pace,” Continued substantial job gains and low unemployment, A “sound and

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Following steep declines during the pandemic, retail properties came in as the second-most desirable capital investment during the first half of this year, following industrial/logistics assets. But, while the industry is bouncing back, demand is not felt evenly across the country. Retail is

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Multifamily buildings constructed before 2010–approximately 13 years old or older—have posted strong rent growth of 4.6% on average over the last decade versus 3.4% for buildings after that benchmark, according to CBRE. The trend is mostly due to the fact that the older buildings have had lower average

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Ideal Capital Group has purchased Cabana Happy Valley, a 292-unit class A multifamily property in Phoenix. Greenlight Communities sold the asset for $79.2 million, or $271,404 per unit. Institutional Property Advisors represented the seller, also procuring the buyer. CBRE Capital Advisors

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The Federal Reserve and the Federal Open Markets Committee paused interest rates today. For at least the time being, the federal funds rate will remain at a range of 5.25 percent to 5.5 percent. In June, after 10 consecutive hikes, the committee took its first pause in a rate-raising campaign

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The level of commercial/multifamily mortgage debt outstanding increased by $37.7 billion, or 0.8%, in the second quarter of 2023, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Total commercial/multifamily

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Crunching the data across 23 metrics for the 96 most populated U.S. cities, Forbes Advisor has uncovered a list of the best cities suited for renters. Considering rental prices, sizes, affordability, crime, amenities, and neighborhood features, Chandler, Arizona, came in as No. 1, followed by

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Hundreds of new home rental units in the West Valley are being planned by two different developers to focus on young families. Westlake Village, California-based Sunstone Two Tree just closed on 29 acres at the southeast corner of Northern Parkway and N. Sarival Avenue in Glendale to begin construction

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A new “destination” restaurant, 155 added hotel rooms and more conference rooms might make those who travel Scottsdale Road north of Frank Lloyd Wright Boulevard wary. But the Fairmont Scottsdale Princess Resort insists that its aggressive expansion plans do not mean the area will be swarmed with

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September 25, 2023

Buckeye is one of the fastest-growing cities in the country. Its population boomed from about 50,000 in 2010 to just over 105,000 and could grow even more to 310,000 by 2040. And once all 27 of Buckeye’s master planned communities are built, the population would be near 800,000. One of them

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RentCafe just released the highly anticipated Market Competitivity Report, which unveils how easy — or how difficult — it was to find an apartment and how many renters compete for each vacant apartment in peak rental season in 139 U.S. markets. The report is based on 5 relevant metrics

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The National Institutes of Health has signed a lease for approximately 35,000 square feet at the Phoenix Bioscience Core. The space is expected to house the Phoenix Epidemiology and Clinical Research branch of the NIH’s National Institute of Diabetes and Digestive and Kidney Diseases. This new lease

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Lincoln Property Company’s Southwest division, LPC Desert West (LPC), has sold the landmark 3131 and 3133 Camelback to an entity of Presson Corporation, led by local investor Daryl Burton for $72.1 million. With a premier location at the southwest corner of 32nd Street and Camelback Road

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Nick Miner, CCIM of ORION Investment Real Estate, reports selling a fully leased retail strip center located in Chandler, Arizona for $4,650,000.00, or $223/Sq. Ft. Chandler is the fourth largest city in Arizona and is one of the fastest growing innovation and technology centers in the nation. Chandler’s

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