RENTCafé just released its annual Apartment Construction Report, where it looks at the U.S. metro areas that have the highest number of projected apartments in 2019. Phoenix is among the top metros for apartment construction this year, with more than 9,600 new units estimated to come online by the end of the year. This is welcome
Rockwell Property Co. made its second buy in four months in the Phoenix area, acquiring 192 units from City on Camelback. The Chicago investor paid $32.7 million to acquire a controlling interest in City on Camelback, a 360-unit, gated condominium complex north of downtown Phoenix. The property at 909 E. Camelback Rd. delivered
It’s no secret that a lot of people love Starbucks coffee. But many investors find the Seattle-based chain’s real estate just as tasty, especially newly built standalone locations. Starbucks real estate sits among the top performers in sales volume for new construction in the quick-service restaurant sector, according to the Wilmette,
Did you lose your favorite spot in the company parking lot? If you’re like a lot of workers in Arizona and the rest of our nation, you may be circling the lot more often to find a place where you can set the parking brake. That’s because those once-empty spots are becoming rarer. An inconvenience, for sure, but not a bad situation
Luxury apartments with health clubs, stainless steel appliances and granite counter tops are all the rage these days with millennials. But tenants in one luxury complex are saying “where’s the luxury? “Heather Poast showed us the unfinished community center in her southern Ohio complex, six to nine months after most
When well-known retailers close large numbers of stores, it makes us take notice. Parents couldn’t miss it when Toys R Us went bankrupt. Whether or not you’ve shopped at a Sears lately, you certainly know it has shrunk massively and that J.C. Penney, Barney’s, and other stalwart brands have shuttered many of their locations. Some chains are
The Marquee, a proposed 271,000-square-foot mixed-use office building near Scottsdale Road and Shoeman Lane in Old Town Scottsdale. It’s been called a monster. It’s been called the Titanic. Others say its controversial design is worth the opportunity to give major companies a downtown office address. On Tuesday, Scottsdale
Phoenix voters made their support for light rail clear this week by voting down Proposition 105, which would have terminated all planned expansions of light rail and remove funding for rail construction indefinitely. The special election resulted in 62% of voters turning down the measure in the initial count, a move that supports future
If there was any wonder as to what has driven commercial and economic growth in the Bay Area during the last decade, a look at office gross leasing stats should make it perfectly clear. Not surprisingly, it is the tech industry. But what may be surprising is that the tech world has leased more office space than all the other
CMBS lenders may be gaining in popularity with multifamily borrowers as Freddie Mac and Fannie Mae slow down in the race to make loans on apartment properties. “Freddie Mac and Fannie Mae increased the borrower spreads dramatically,” says Mitchell W. Kiffe, co-head of national production for the debt & structured
More than anything else, office tenants want to attract and retain the right talent and are willing to pay a rent premium for office space attractive to younger workers. The open office concept has been touted as the answer, with claims that it provides collaborative, amenity-rich workspaces that young workers prefer. But studies indicate that
The 11-acre, 95,000 square foot shopping center will complement the surrounding community with an urban layout that will connect tenants and shoppers to the nearby Gilbert Civic Center, Banner Gateway Hospital and Alliance’s Broadstone Gilbert Heritage project. “Gilbert is one of the fastest growing cities in the country, so it was a
An advantageous balance of moderate growth, low inflation, and falling long-term interest rates in the U.S. kept capitalization rates for commercial real estate assets broadly stable in the first half of 2019, according to the latest research from global property advisor CBRE. The CBRE North America Cap Rate Survey found that
A 31-story downtown Phoenix high rise has sold for almost $93 million, and the new owners plan to spend another almost $15 million to renovate it. Miami-based Black Salmon purchased the 375,862-square-foot U.S. Bank Center. The tower at 101 N. First Ave. is 83% full with tenants including the bank, WeWork and
At a seasonally adjusted annual rate of $849.6 billion, new construction starts in July advanced 2% from the previous month, according to Dodge Data & Analytics. This marked the third consecutive monthly increase for total construction starts, following gains of 10% in May and 9% in June. By major sector, nonbuilding construction
A year ago, most people thought interest rates were moving up. The reality has been just the opposite. Treasuries have plummeted and pulled lending rates down with them. Borrowers that have been enjoying an extended run on favorable rates are seeing rates that once again are near historic lows. The 10-year Treasury has dropped
A 31-story downtown Phoenix high rise has sold for almost $93 million, and the new owners plan to spend another almost $15 million to renovate it. Miami-based Black Salmon purchased the 375,862-square-foot U.S. Bank Center. The tower at 101 N. First Ave. is 83% full with tenants including the bank, WeWork and Jacobs Engineering,
Following a major permanent refinancing of newly constructed apartments, Watermark Residential has teamed up with a partner to fund a new round of projects. Indianapolis-based Watermark entered into a joint venture agreement with 3G Capital Advisors, a boutique real estate advisory firm based in Irvine, California, to form
Phoenix had the nation’s highest year-over-year price increase in single-family home rentals, according to a study by CoreLogic Inc. Across the country, home rentals prices increased by 2.9% from June 2018 to June 2019, compared with 3% for the year-earlier period, signaling the first deceleration in annual national rent prices since
During the first half of 2019, investors paid $3.82 billion for 221 apartment communities across the Valley, according to research compiled by Vizzda LLC for the Phoenix Business Journal. That’s up from 198 properties sold for $2.98 billion during the same period in 2018, according to Vizzda, a Tempe-based real estate
As director of operations at Baton Rouge, La.-based A.C. Lewis Management, Mackenzie Sanders sees her job in no uncertain terms. “We’re in the middle of an amenity war, and brand-new properties hold the high ground,” says Sanders, who operates 1,749 apartment units across 11 communities, which are 40 years old on
Nearly $1 billion worth of office properties changed hands in the Phoenix metro during the first half of 2019, and the market continues to draw out-of-state and foreign investors. The area had 61 office transactions worth more than $1 million with a minimum of 20,000 square feet during the first half of the year, according to
Airbnb vacation rentals took over one city in Arizona, frustrating its citizens and causing business leaders to speak out. Airbnb, a short-term housing rental site, is frequently at battle with cities across the U.S. as local governments seeks to limit the usage of short-term housing companies in their area. A few recent examples include:
The 30-year mortgage rate hit its lowest level in nearly three years on Thursday and, on Friday, the Fed announced plans to cut interest rates as early as next month. These efforts spur growth by encouraging new home sales, but Phoenix faces the opposite problem: too much growth and not enough homes for sale. Home sales