The Q1 2020 Phoenix Multifamily Quarterly Report from ABI Multifamily shows that, while the start of 2020 was strong — with rent growth, healthy occupancy rates, lower cost of living and high renter demand all pointing to another extraordinary year — the future has yet to tell how the multifamily industry will be impacted by the COVID-19 global pandemic. With a development … [More]
Waterfall Villa Residences in Chandler
Models are open at Chandler’s newest lock-and-leave condominium community, Waterfall Villa Residences, by Ironwood Development Group. The private, gated, resort-style community featuring open and modern single-level villas is attracting buyers from all demographic groups. Villa layouts are designed with the flexibility of two- and three-bedroom floorplans ranging from … [More]
Luxury Apartments Planned for North Phoenix
Hines, the international real estate firm, along with a joint venture partner, recently acquired 11 acres in north Phoenix, where it plans to develop a 325-unit, luxury, for-rent residential property. Hines’ multifamily property, located at the northwest corner of Happy Valley Road and 35th Avenue, will consist of six, three-story buildings. An additional one-story building … [More]
Rights of First Offer and of First Refusal
This article is a case study of a particular transaction in which the buyer agreed in a purchase agreement to grant the seller both a right of first offer (ROFO) and a right of first refusal (ROFR) to repurchase the property. Compliance with the terms of the ROFO and ROFR proved a bitter and extracted process for the buyer. The terms of the ROFO provided that before the … [More]
Caesars Republic Scottsdale Hotel Opening January 2022, On Schedule
HCW, which has developed more than $2 billion in real estate in the last 23 years, in partnership with Caesars Entertainment Corporation (NASDAQ: CZR) and Macerich (NYSE: MAC), announced construction is currently underway for the 265-room Caesars Republic Scottsdale luxury brand hotel, and is on schedule to open in January 2022. "We are excited construction is moving forward … [More]
Negotiating a Commercial Lease?
A company’s business premises lease may represent its highest monthly expense. It also represents one of the most important commitments a business owner can make . A lack of careful consideration can result in serious financial consequences. To avoid missteps, consider these due diligence questions to gain clarity and confidence before signing. The Parties Involved in the … [More]
Short-Term Rentals: Key to Phoenix Rental Crisis?
The rental housing industry has been hit hard like any other industry during the COVID-19 pandemic. Phoenix homeowners utilizing Airbnb and VBRO are experiencing a wave of cancellations due to stay-at-home orders, creating a significant loss of revenue during the busiest tourism months of the year. While vacation-home renters may be feeling the crunch, there is an alternative … [More]
Senderos at South Mountain: Apartment Community with Upscale Amenities
Now open for tours and expecting to be move-in ready within weeks as we go to press, the gated community of Senderos at South Mountain features a number of unique amenities. Senderos is one of the first apartment communities in Metro Phoenix to offer personal electric car-charging stations in the apartment’s attached garages. The developers took into consideration future needs … [More]
TruGold: Hybrid Rental Product Planned for Loop 303 Corridor
On a 22.99-acre site in Surprise, Ariz., that it purchased for $3.65 million, NPC Trugold LLC plans to develop a hybrid product, which is single-family residences used as rentals. The sale of this parcel located at Cotton Lane and Sweetwater Avenue is significant as it is one of the first multi-family acquisitions on the west side of the Loop 303 in the emerging Loop 303 … [More]
Self-Guided Home Tours at Avilla
NexMetro Communities, a pioneer of single-level luxury leased-home neighborhoods, has launched an innovative self-guided touring option. Potential renters will now be able to visit Avilla models on their own time and without the need for in-person appointments with rental agents. In partnership with Rently, a self-touring application, people looking for a new home within an … [More]
Warehouse/Distribution Space Expected to Be Hot
The Greater Phoenix Industrial market could be poised for a surge in demand for warehouse/distribution space, according to the Q1 Industrial Market Report by Colliers International in Arizona. The “stay at home” orders resulting from the Coronavirus Pandemic have forced more people to shop online and those lasting habits will increase online retailer demand for distribution … [More]
Repurposed for Healthcare Tenants
Cornerstone Medical Center, with approximately 20,235 rentable square feet, is being repurposed for a medical use from a retail use. Exterior renovations include “reskinning” the building and a new window package. The former Maytag store sat empty for 18 months before local, family-owned Whiteboard Development purchased and partnered with the City of Goodyear to reconfigure it … [More]
New Construction in San Tan Valley
Lifestyle, location, access to services and homes that are quickly gaining value are all among the contributing factors behind the success of Fulton Homes’ Promenade neighborhood, along with sweeping views of the San Tan Mountains, resort-inspired amenities, walking trails, parks and quick move-in options. “Homebuyers were signing contracts before the models ever opened at … [More]
Apartment Development Planned for NW Valley
Houston-based Hines plans to develop a 325-unit luxury multi-family community that will total 318,000 square feet on approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue. The parcel was purchased for $6,725,000 from locally based shopping center development company The Pederson Group, which acquired the full 23-acre site from the Arizona State … [More]
COVID- 19 Watch: Meeting Immediate Demand for Medical Care Facilities
The COVID-19 outbreak has Arizona watching and learning from cities and countries around the world. As the pandemic unfolds, the state must prepare for a potential surge in cases that can put overwhelming demand on local hospitals and medical staff. While Arizona’s numbers remain relatively low compared to densely populated cities across the U.S., the state is projected to … [More]
Get Real – April / May 2020
Landsea Launches High-Performance Homes Landsea Homes has launched its “Live in Your Element with High Performance Homes Program” in select communities across Arizona and California. The new program features the three core pillars of home automation, sustainability and energy savings, which gives homebuyers connected living at their fingertips, providing ease, security and … [More]
