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 […]

    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 […]

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 […]

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 […]

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 […]

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 […]

New apartment construction continued at a rapid pace in metro Phoenix.   At the end of the 4th quarter of 2014, there were 33 apartment communities under construction with a total of 8,554 units.  Most of […]

Average Rental Rates (Individually Metered)

Posted November 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 […]

New Construction Remains Very Strong

Posted November 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 […]

Vacancy Rates Continue Decline

Posted November 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% – […]

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 […]

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 […]

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 […]

It’s not about being close to work, it’s about a life-style.  At least that’s what many apartment developers are counting on – especially “south Scottsdale”, including “Old Town”.  Scottsdale defies tradition.  Developers, typically build apartments […]

We were fascinated by the year-end 2013 metro-Phoenix apartment sales numbers.  Maybe fascinated isn’t really the right word; but the numbers are interesting and very encouraging considering the last four years.  During 2013, there were […]

Qtr4 2014 – Average Rental Rates

Posted March 4th, 2014

For 50 – 99 unit size apartment’s, rental rates continue their steady increase while the 100+ unit’s rates are still flat. The highest rents being in Central Phoenix / Sky Harbor and the lowest along […]

In Q4, there were four new apartment projects started (966u), three in Phoenix and one in Scottsdale.  There are a total of 20 now under construction representing 3,785 units.  Nine  projects were completed in Q4 […]

Vacancy rates for the 4th quarter for stabilized 50+ multifamily properties decreased from 7.4% to 7.3%.  Only one sub-district remains in double digits – Central Black Canyon. Vacancy rates of less than 6% were reported […]

In Q3, there were six new apartment projects started (1,417u) with a total of 25 now under construction representing 4,733 units.  Of the 25 projects, 7 are in Phoenix, 4 in Scottsdale, 4 in Chandler, […]

Vacancy rates for the 3rd quarter for stabilized 50+ multifamily properties decreased from 7.7% to 7.4%.  Greater than 10% vacancy rates were reported in Metrocenter, Central Black Canyon, N and W Central Phoenix and E […]