March 4, 2021

An affiliate of an apartment investment firm paid $64.5 million for Village at Aspen Place in the scenic and mountainous Northern Arizona city of Flagstaff. The entity formed by Cypress, California-based NNC Apartment Ventures paid roughly $290,540 per unit for the 222 apartments at 601 E.

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March 3, 2021

The Valley has been a haven for entrepreneurial activity, according to a new report from Roofstock, a real estate investment platform. The Phoenix metro had a startup formation rate of 9.63%, defined as the number of new businesses in a given year divided by the total number of businesses in a given metro

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Nearly a year into the coronavirus pandemic, it’s clear that apartment developers, investors and lenders remain cautious despite an improving economic outlook and a multifamily sector that is on the road to recovery. Roughly 565,000 apartments are under construction, down from the more

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PHOENIX, AZ – JLL Income Property Trust has acquired a 474,000-square-foot newly-constructed, class A distribution center in Phoenix, AZ for $91 million. The four-building asset, Southeast Phoenix Distribution Center, is located in Phoenix’s Chandler submarket, at the confluence of Interstate 10 and Loop 202

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Taiwan Semiconductor Manufacturing Co. Ltd.’s planned Phoenix manufacturing plant will likely be three times larger than was originally announced. The cost to build the manufacturing facility is likely to be closer to $35 billion, nearly triple the $12 billion first announced, according to sources with knowledge

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Multi-Housing News (MHN), a media brand specializing in residential real estate news and analysis, has published a list of the top five U.S. self-storage markets based on investment volume in 2020. The list was compiled using data from Yardi Matrix, the self-storage data-services platform offered by management

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March 2, 2021

The U.S. economy has roared back to life in 2021, with first-quarter growth set to defy even the rosiest expectations as another fresh influx of cash looms. Manufacturing data Monday showed the sector at its highest growth level since August 2018. That report from the Institute for Supply Management

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Following a record year for the industrial real estate sector in Arizona, a pair of Canadian companies, Hopewell Development and Nicola Wealth Real Estate, are beginning two industrial development projects in Phoenix. Hopewell, based in Calgary, Alberta, bought a 9.6-acre site in Chandler in late 2019

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The economy may not go zero to 60 in the first quarter, but good news is on the horizon: according to a recovery timeline created by Cushman & Wakefield, it will gradually build up strength over the course of the year to what is expected to be a robust recovery. But first, the bad: we’re a few days into March

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Investors are most bullish on the industrial sector as 2021 marches on, followed by the self-storage and multifamily sectors, according to a recent survey of 500 commercial real estate investors by Marcus & Milichap. Investors were asked to consider only the property in their current real estate portfolio in answering

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A year after a voter referendum sank its Southbridge Two project, Spring Creek Development is back with a new plan to redevelop much of its property in downtown Scottsdale’s 5th Avenue shopping district. Plans obtained exclusively by the Progress show the new proposal differs significantly from last year’s

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March 1, 2021

Apartment rent trends may have hit a new stride. The Apartment List national rent index increased by .7% month-over-month in February, the largest monthly increase since June 2019. The increase also represents the second consecutive month of rent growth, a possible turn in the downward

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The Phoenix residential real estate market is booming, recording the highest annual growth in both home values (17.1%) and typical rent (8.4%) among the nation’s largest metros, according to Zillow’s latest market report. Extreme demand driven by exceptionally low mortgage rates,

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A 240-acre site on the west side of the Loop 202 South Mountain freeway extension is being primed for a large-scale industrial development, which the development team said will further the city of Phoenix’s goals to have a technology corridor along the region’s newest freeway. “The introduction

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The migration of thousands of apartment dwellers from New York, Los Angeles and other major cities to cheaper alternatives in suburbs or lower-cost areas like Denver and Phoenix during the pandemic is spurring major multifamily developers and investors to follow the renters. Executives at some of the nation’s

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Jackson Dearborn Partners, a real estate investment and development company based in Chicago, announced the formal groundbreaking of Solace at Ballpark Village, a 211-unit multi-family development in Goodyear, AZ. This project is being developed in partnership with Sub4 Development, a construction

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February 26, 2021

Health officials confirmed COVID-19 in another 1,310 Arizonans Wednesday and reported that 43 more people died from the disease, according to the latest numbers from the Arizona Department of Health Services. Depressing numbers – but a vast improvement from just six weeks ago, when the daily average

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Phoenix has consistently been one of the fastest growing large metros in the country, but new data from the Brookings Institution shows prosperity has not kept up with the growing population. Brookings Metro Monitor ranked Phoenix 19th out of 53 very large metros on growth and 46th on prosperity using

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TEMPE, AZ – Investcorp has acquired a five-building, multi-tenant, light industrial park in Tempe, AZ from BKM Capital Partners for $85.4 million. The 536,051-square-foot asset, Tempe Commerce Park, encompasses five properties located at 7340, 7350 and 7360 S. Kyrene Rd. and 7343 and 7333 S. Hardy Dr. in Tempes

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Despite the fact that the COVID-19 pandemic still has a strong grip on the U.S., new unemployment claims decreased week-over-week on February 15, and were 89% below the peak during the COVID-19 pandemic. To help add some context to these statistics, WalletHub just released updated rankings

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After a rocky end to 2020, Nikola, the hydrogen-fuel cell and electric vehicle manufacturer based in Phoenix, is looking to get back on the road this year. The company set several major milestone goals after the markets closed on Thursday in conjunction with its fourth quarter earnings report filing

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February 25, 2021

Retail sales in the U.S. this year are expected to total more than $4.33 trillion as more individuals receive the COVID vaccine and the economy reopens. That’s according to the National Retail Federation’s just-released annual forecast, which estimates that 2021 retail sales will grow between 6.5% to 8.2% over last

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The Tempe City Council is hoping to spur development by annexing part of a county island that they say has become an eyesore. The 78 acre parcel of land is north of the Loop 202 and east of Scottsdale Road. The Tempe City Council recently annexed 17 acres on the east side of the county

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Scottsdale-based Taylor Morrison Home Corp. (NYSE: TMHC) has purchased 178 acres for $25 million along Loop 303 in the West Valley. The nation’s fifth-largest homebuilder bought the land on each side of Loop 303 just north of West Peoria Avenue in the city of Surprise. Taylor Morrison and KB Home

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Creation bought 76.35 acres of land in Buckeye for $7,398,775, according to the commercial real estate tracking website Vizzda. The seller was Miller Park LLC.LGE Design Build plans to build a a speculative development on the land for its client, Creation. The land is located at the northwest corner of Miller Road

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