Multifamily Reflects Booming Phoenix Economy

by Marcus & Millichap

Positive forces converge and are maintaining momentum in the multifamily sector, according to Marcus & Millichap’s Multifamily Research Market Report for second quarter 2017. Vacancy is expected to fall for the eighth consecutive year as economic growth supports continued success in the Phoenix apartment market. Corporate expansions and relocations from large, international companies such as… [More]

Grocery Anchors Multifamily in Tempe

by Mike Hunter

The Local, a new, mixed-use development located on an 80,938-square-foot parcel at the intersection of University Drive and Ash Avenue, broke ground last month. Developed by Denver-based Forum Real Estate Group, The Local will be a unique luxury apartment residence anchored by Whole Foods Market 365 on the ground floor, with three levels of parking… [More]

Major Mixed-Use in Scottsdale

by Mike Hunter

The Block, a 22-acre retail mixed-use center developed by MainSpring Capital and Forum Capital that broke ground recently, is the biggest retail center constructed in Scottsdale in five years. The Block at Pima Center will contain upwards of 70,000 square feet of free-standing pad and retail shop space: four freestanding pad sites for stand-alone users,… [More]

Spec Suites Imagine the Future

by Mike Hunter

As part of the reimagining of the iconic Renaissance Square in Phoenix, Cypress Office Properties, LLC., with funds managed by Oaktree Capital Management, L.P., engaged four of Phoenix’s most widely recognized architecture and design firms to collaboratively design office suites of the future for various industries in what is being called “Project Future.” The four… [More]

Challenges in Repurposing Commercial Projects

by James B. Connor

With the desire by many Arizona residents to experience a more urban lifestyle, the repurposing of commercial buildings and areas has become very popular over the last seven years. As evidenced in Phoenix by the Seventh Street Corridor, Roosevelt Row and ASU’s downtown campus, these projects can thrive, but it is important to note that… [More]

Camelback Luxury

by Mike Hunter

District at Biltmore is the latest luxury apartment community in the Camelback Corridor from Kaplan Management Company and Simpson Housing® LLLP. The four-story luxury mid-rise is conveniently located within walking distance to the Biltmore Fashion Park, and offers 227 elegant one- and two-bedroom apartments. Among its one-of-a-kind amenities are a large fitness center that includes… [More]

Canadian Investment

by Mike Hunter

Canadian-based Western Wealth Capital continues to add to its Arizona rental portfolio; it is the third largest multifamily owner in the Phoenix area. The real estate investment company and its partners recently acquired Tierra Santa, a 274-unit rental building, for US$13.4 million. WWC considers Phoenix a highly prospective rental market owing to robust population and… [More]

Net-Zero Townhomes

by Mike Hunter

Real estate investment firm Caliber – The Wealth Development Company has partnered with one of the nation’s leading Net Zero Energy (NZE) developers, MODUS Development, on their second project, Eclipse, which officially broke ground and has begun development. This is Scottsdale’s newest environmentally sustainable townhome community, designed with Zero Energy Star® certification for maximum energy… [More]

Strong Multifamily Market

by Mike Hunter

Greater Phoenix’s multifamily market continues its dynamic pace, according to a report released by Colliers International in Greater Phoenix. During the first quarter of 2017, vacancy fell 40 basis points to 5.6 percent. This is welcome improvement for the beginning of the year, but the rate is 40 basis points higher than a year ago.… [More]

Relo Bay Area to Phoenix 

by Mike Hunter

The Phoenix office of JLL has completed a new, 38,000-square-foot lease that will relocate FinTech company Upgrade Inc. from San Francisco into two floors at Renaissance Center I in Downtown Phoenix. The move is the latest example of a Silicon Valley company expanding its essential business functions in Phoenix. Upgrade is hiring 100 customer service, credit operations and… [More]