May 2, 2018

Mothers Day 2018 – God’s Garden Treasures

By |2018-05-02T13:17:56+00:00May 2nd, 2018|

Remember that Karin has been a faithful sponsor of our KLCG-AMA (www.KLCG-AMA.com)  events by providing exceptional floral arrangements.  Here’s her contact info. Karin Crawford Floral Artist, Floral Concierge at the Intersection of Art, Heart and Nature God's Garden Treasures order flowers online: www.godsgardentreasures.com, check out our blog, schedule a wedding consultation and [...]

February 14, 2018

What’s happening in the rebranded PHX East Valley?

By |2018-02-14T13:24:13+00:00February 14th, 2018|

REAL ESTATE | 12 Feb | DAVID MCGLOTHLIN The Phoenix Metropolitan Area makes up the central part of Arizona, totaling over 9,000-square-miles. Also referred to as Greater Phoenix, this region includes both East and West Valley cities, but the City of Phoenix only accounts for 517-square-miles total, which can lead to confusion when [...]

January 10, 2018

Housing Outlook 2018: Predictions From The Experts

By |2018-01-10T15:13:04+00:00January 10th, 2018|

Originally posted on Forbes.com January 9, 2018 In 2017 Americans learned to expect the unexpected, whether it be politics, weather or housing. Driven by record low inventory, little about the housing market went as forecast last year. “We thought there would be some things to take the pressure off,” reflects Skylar Olsen, [...]

June 8, 2017

Q1 2017 Metro Phoenix Apartment Owners Newsletter

By |2018-01-09T14:23:24+00:00June 8th, 2017|

KLCG Partners with AMA The Kasten Long Commercial Group (KLCG) recently formed a partnership with the Arizona Multihousing Association (AMA) to oversee their Independent Apartment Owners Group and will provide quarterly meetings that focus on what’s currently and projected to drive the major economic engines across metro Phoenix. The 1st [...]

June 8, 2017

2414 W Devonshire Avenue 16 units sold June 9,2017

By |2017-08-24T19:52:53+00:00June 8th, 2017|

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 [...]

January 13, 2017

Q3 Metro Phoenix Apartment Owners Newsletter

By |2017-08-24T15:10:35+00:00January 13th, 2017|

KASTEN LONG COMMERCIAL GROUP:  The Kasten Long Commercial Group has specialized in apartment brokerage in metro Phoenix since 1998.  Our agents have brokered more than 1,000 communities with gross sales in excess of 1 billion dollars.  The company provides weekly updates (by e-mail) on apartment sales, commercial news and posts past [...]

January 13, 2017

Q1 2016 Metro Phoenix Apartment Owners Newsletter

By |2017-08-24T15:59:25+00:00January 13th, 2017|

1st QTR 2016 KASTEN LONG COMMERCIAL GROUP:  The Kasten Long Commercial Group has specialized in apartment brokerage in metro Phoenix since 1998.  Our agents have brokered more than 1,000 communities with gross sales in excess of 1 billion dollars. The company provides weekly updates (by e-mail) on apartment sales.  If you [...]

March 30, 2016

Suggestions for Raising Rents and Increasing Value

By |2017-08-30T12:26:55+00:00March 30th, 2016|

It's simple math.   Every $100 increase in net monthly rental income increases your property value by approximately $15,000 to $20,000 in our current market! A simple $25/month bump in rents on a 50-unit property will increase the monthly cash flow by $1,250 which (at a 6% to 7% cap rate) increases [...]

May 13, 2015

Investor Acquires Fully Renovated Apartments with Big Rent Upside

By |2017-10-04T14:30:13+00:00May 13th, 2015|

April 30th, 2015 was a good day for Desh Gupta. Desh closed the purchase of a 64 unit apartment complex in North Phoenix at 16802 N 26th Place called Northview Estates. At the $3,072,000 purchase price this represents a $48,000 per unit cost. Scott Trevey, CCIM with the Kasten Long Commercial [...]

April 23, 2015

Small Apartment Sells in Hot Midtown Phoenix

By |2017-10-04T14:30:13+00:00April 23rd, 2015|

It is no secret that owning apartments in Phoenix is back in vogue.  The 8 unit Park Central on Earll apartments sold last week for $65,625 per unit.   While all eight units were 2 bedroom floor plans, these were in no way updated or refurbished.  In fact, the rents were quite [...]

March 4, 2015

PROPOSITION 117 EFFECTS ON YOUR PROPERTY TAXES

By |2017-10-04T14:30:13+00:00March 4th, 2015|

The following is our understanding of Prop 117.  If you need more clarification – let me know and I’ll give you contact info for folks that specialize in this work.  Understanding the new law will be a great help in selling a property – especially to California buyers - where values [...]

November 12, 2014

Average Rental Rates (Individually Metered)

By |2017-10-04T14:30:13+00:00November 12th, 2014|

For 50 - 99 unit size apartment’s, the average rental rate was $700, a 2.8% over the Q3 2013.  For the 100+ unit communities, the current average rental rate is $807, a 2.9% increase of Q3 2013.  We expect the rates to continue to increase, but for the larger complexes, the [...]

November 12, 2014

New Construction Remains Very Strong

By |2017-10-04T14:30:13+00:00November 12th, 2014|

Seven projects were completed in Q3 totaling 1,869 units, one in Chandler, two in Tempe, two in Gilbert,  one in Scottsdale and two in Phoenix.  YTD there have been 3,821 units completed.  There were 12 new apartment projects started (2,777u) in Q3, mostly in Phoenix, Scottsdale and Tempe.  There are now [...]

November 12, 2014

Vacancy Rates Continue Decline

By |2017-10-04T14:30:13+00:00November 12th, 2014|

Vacancy rates for the 3rd quarter for stabilized 50+ multifamily properties decreased from 6.8% to 6.5%.  This is the 13th decrease in the past 14 quarters. Vacancy rates for the 50-99 communities decreased 0.14% - and the 100+ decreased by 0.39%.  Of the 32 metro Phoenix sub-markets surveyed, 18 reported decreased [...]

August 4, 2014

Scottsdale New Apartment Construction Update By Numbers – Q2 2014

By |2017-10-04T14:30:13+00:00August 4th, 2014|

Across the Valley, at the end of Q2, there were 28 projects under construction totaling 7,494 apartments and an additional 67 possible projects totaling 15,950 apartments in the pipeline from initial rezoning to final permitting. Scottsdale represents 24.6% (1,842 u)of the apartments under construction and 25.8% (4,116 u) of the possible additional [...]

August 4, 2014

North Scottsdale New Apartment Construction Update – Q2 2014

By |2017-10-04T14:30:13+00:00August 4th, 2014|

LIV Scottsdale P.B. Bell’s 240 unit Liv Scottsdale project, located just north of the Scottsdale Quarter at 15509 N Scottsdale Road, is nearing completion.  Optima has proposed to develop a 9.4 acre site at the NW/Cor of Kierland and Scottsdale Road with four, 12-story buildings to provide 286 hotel [...]

August 4, 2014

South Scottsdale New Apartment Construction Update – Q2 2014

By |2017-10-04T14:30:13+00:00August 4th, 2014|

Broadstone Industries East (183u)   Alliance Residential’s Broadstone Waterfront (259u) is nearing completion and their two projects on Stetson Drive (Broadstone Industries East (183u) and West (133u)) have both commenced construction.   Note that Alliance Residential’s  270u Broadstone at Camelback, adjacent to the Esplanade in central Phoenix, sold in July [...]