Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced the sale of , a 324-unit multifamily property in Tempe, Arizona. The asset traded for $100.25 million, or $309,414 per unit. IPA Capital Markets arranged $65.16 millionParc Broadway in acquisition financing. “Parc Broadway is the first mid-rise multifamily asset to be … [More]
Attainable Housing Co. Breaks Ground on New North Valley Community
The Boutique-Style Community is Positioned Near I-17 Employment Corridor and the New $40B TSMC Facility and Campus
Greenlight Communities, the trailblazing Scottsdale-based real-estate developer dedicated to constructing attainable workforce rental housing, marked a significant milestone with a special groundbreaking ceremony held recently for its 14th property located at 33455 N. North Valley Parkway in Phoenix. The community will be one of Greenlight’s smaller projects, offering a more … [More]
Abrazo Health Starts First Phase of Buckeye Campus
Abrazo Health announced today that will be breaking ground soon on the first phase of development for its new medical campus in Buckeye at I-10 and Verrado Way. The 27-acre campus will include medical offices, ambulatory services and an acute care hospital. The first phase will be a three-story, 60,000-square-foot medical office building. Tenants are slated to include … [More]
CRE Co. Expands in Scottsdale to Accommodate ‘Growth Spurt’
Diversified Partners, a real estate brokerage and development company, announces a significant expansion to accommodate its extensive project portfolio, marking a pivotal step in tandem with its upcoming relocation to a state-of-the-art headquarters in Scottsdale, Ariz. The company currently boasts an impressive portfolio of $400 million in active development projects across … [More]
Mark-Taylor Companies Unveils New Consulting Division with Expanded Services
Mark-Taylor Companies, a leading luxury multifamily developer, owner and manager in Arizona and Nevada, is proud to announce the official launch of Mark-Taylor Consulting (MTC), its third division of business. Initiated in 2021, MTC has now expanded into an official offering to provide consultation throughout the entirety of the asset life cycle, extending beyond traditional … [More]
Harvard Investments Promotes New President
Building enduring communities is the driving force behind Harvard Investments, which is forging a name in the Valley’s development community with key acquisitions and ground-up development. The real estate investment and development firm is now proud to announce the promotion of Tim Brislin to President. Brislin, a strategic leader and development industry expert for more … [More]
City North Residential Phase II Breaks Ground
Greystar Real Estate Partners, a global leader in the investment, development, and management of real estate, announced that it has broken ground on City North Residential Phase II. “We are excited for our partnership with SofMac Partners and Security Benefit Life Insurance Company on the second phase of the City North project,” said Billy Cundiff, Managing Director, … [More]
Greater Phoenix Posts Historic Level of Industrial Completions
New 12 million square feet elevate net absorption and vacancy rate
The Greater Phoenix industrial market posted its historically highest level of new industrial space completions during third quarter, adding 12 million square feet to the city’s inventory. This drove a rise in net absorption and also elevated the vacancy rate, according to a report released by Colliers in Arizona. The industrial market of Phoenix remains the strongest sector … [More]
Top-of-the-line Large-Scale Cold Storage Facility Opens in Phoenix
The grand opening of the highly anticipated state-of-the-art Ti Cold constructed Phoenix Cold Storage Facility, fully operated by Arcadia Cold Storage and Logistics, is here! Designed and built by Ti Cold (Melbourne, FL) the Phoenix facility is located in the city of El Mirage, between US Interstates 17 and 10 in the heart of the Southwest distribution market. The site will … [More]
T.W. Lewis Foundation Announces New Executive Director
T.W. Lewis Foundation recently hired Steve Smith, former Arizona Senator, to lead the organization as its new executive director. In this role, Smith manages grant distribution, non-profit assessments and activities to enhance the foundation’s overall core program areas. “Steve is an energetic and entrepreneurial leader with significant experience in the public sector and … [More]
Rising Temperatures in Phoenix Require Thoughtful and Sustainable Urban Design
Warming global temperatures have been one of the key drivers of climate change. As myriad odd weather patterns have developed over the past three to four decades, one of the most notable changes locally has been the shift of the monsoon weather patterns in late summer. A contributing factor has been the buildup of Metro Phoenix, creating the urban heat island, or ”heat dome,” … [More]
Demand for TI Work in CRE Heats Up amid Economic Uncertainty
Phoenix’s robust industrial market is propelling the region to the forefront of the industry, driving both increased construction of industrial spaces and a surge in tenant improvement (TI) projects. The rise in TI projects, which entail making modifications to an existing building in order to tailor it to fit the business’s unique needs, highlights the growing demand for … [More]
New Affordable Housing in South Phoenix and Goodyear
Dominium, one of the nation’s leading owners, developers and managers of affordable housing, recently held a grand opening of 308 units of affordable housing for working families in South Phoenix on October 24 and broke ground on 657 units of both family and senior affordable housing in Goodyear on October 25. The Goodyear project is Arizona’s largest affordable multifamily new … [More]
Affordable Housing Is Part of Tempe Development
Wexford Developments and Wexford Real Estate Investors is bringing much-needed workforce housing to Downtown Tempe. First & Farmer is a seven-story building comprised of 200 rental apartments, including 180 market-rate units and 20 affordable housing units. The project’s unit mix is comprised of 18% studios, 62% one-bedroom units and 20% two-bedroom units. The project is … [More]
Lincoln Property Company Breaks Ground on Mega Industrial Project
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company, has broken ground on Luke Field, a $515 million, 2.4-million-square-foot Class A industrial development located adjacent to Luke Air Force Base in metro Phoenix. Being developed in a single phase with completion expected in the fourth quarter of 2024, Luke Field spans three buildings — a … [More]
Evergreen Devco Industrial Project Targets Smaller-Footprint Users
Evergreen Devco, Inc., a leading retail, multifamily and industrial development company, announced the groundbreaking of its first-ever industrial development in Arizona. The 9.4-acre site located northeast of the intersection of Litchfield Road and Desert Cove Road in Surprise will soon be home to a state-of-the-art 168,000-square-foot industrial building. Industrial … [More]
Los Angeles Lender Funds $100M for Phoenix Multifamily Project
Los Angeles based GreenLake Asset Management has funded a $100,600,000 construction loan for a 276-unit multifamily project in Phoenix. The community will consist of one, two and three-bedroom units, featuring high ceilings, modern amenities, private outdoor areas and attached parking. The project will be constructed in two phases: Phase I will be 94 townhome units, a … [More]
California Investors Purchase Scottsdale Hotel Located in Opportunity Zone
California-based investors have purchased the 3 Palms Hotel in Scottsdale for a price of approximately $23,000,000. Located at 7707 E. McDowell Rd, the property is situated near Old Town Scottsdale and the growing city of Tempe. “This was one of the most challenging transactions of my career,” says James Meng, senior vice president with Colliers in Arizona. “We had to merge … [More]
