On June 9th, 2017, the 16 unit Devonshire Apartments located at 2414 W Devonshire Avenue in Phoenix sold for $1,000,000 ($62,500/unit) and was purchased by an exchange buyer out of southern California. The building was acquired by the seller in September of 2016 for $780,000. After installing automated entry/exit gates and restricting access to the property, the owner then completed modest unit interior upgrades, repainted the building and upgraded the common area exterior lighting at the property. The improvements resulted in rental rate increases of approximately 10%. The sale was brokered by Scott Trevey with the Kasten Long Commercial Group.
In the summer of 2012, the Scottsdale Area Assoc. of Realtors (SAAR) created the Commercial Services Committee and selected Jim Kasten, CCIM to be the chairman. Jim is also the owner and designated broker of the very successful Kasten Long Commercial Group (www.KLCommercialGroup.com), a full service commercial real estate brokerage with their agents having served metro Phoenix for more than 20 years.
As chair of this committee, Jim combined his knowledge of commercial brokerage with his goal to promote SAAR as an organizing dedicated not only to supporting their commercial and residential agents but also committed to enhancing the interaction and communication between industry, developers, colleges, city officials, the entire real estate community and the general public for the overall benefit of the greater Scottsdale Area. A brief summary of some of the Commercial Services Committee’s achievements is highlighted in the video .