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 these are in Scottsdale, Phoenix and Tempe. In addition, there were 49 projects (11,563 units) in [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 in areas where jobs exist or are being created. While there are some jobs, most of [...]
Vacancy Rates Continue to Drop 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 N Scottsdale, Deer Valley, Paradise Valley, Ahwatukee, S Tempe, Gilbert [...]
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 the I-17 corridor. Size Studio One Bedroom Two Bedroom 50 - 99 $490 (1.14/sf) $588 (0.94/sf) [...]
Phoenix Vacancy Rates Drop to 7.4% 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 Mesa. Vacancy rates of less than 6% were reported in [...]
2201 E Thomas Road - $390,000 Phoenix, AZ 85016 2201 E Thomas Rd Flyer
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 [...]
KASTEN LONG COMMERCIAL GROUP: Our Apartment Team gave a great presentation to the Scottsdale Area Assoc. of Realtors at their August commercial meeting. A video of this presentation is available upon request. KLCG had 27 transactions in Q2 including 4 apartment sales, 19 commercial sales and leases and 4 residential home [...]
12 units - 1601 W Glendale Avenue Phoenix, AZ Villa Del Centro Flyer
“B” and “C” apartment owners – get ready for lower vacancies, higher rents and increased values. Nothing happens overnight – but if you don’t pay attention to small changes – you might miss the big picture. For the past year, we have been reporting an increased number of permits and now [...]
Vacancy rates continue to decrease and rental rates are increasing. Total sales were down slightly from past quarters due to shortage of inventory both from distressed assets and reasonably priced communities. Buying pressure remains strong – with California starting to get back into our market. New apartment construction has significantly ramped [...]
In the 4th quarter, there were 79 regular apartment sales (10+ units), a significant increase over recent quarters. In addition, there were five portfolio sales of two or more properties. This last quarter saw over half-billion in sales ($509,574,300) with 8,337 total units. There were 29 communities sold with more than [...]
For the past three years, the number of permits for new apartment construction averaged about 1,000/yr. Over the past ten years, the average was 3,840/yr. As of the 4th quarter of this year, the number of permits jumped to more than 10,000 for the year with many projects already breaking ground. Both ASU [...]
For the larger (100+ unit size) apartments, vacancy rates dropped across the Valley from 6.4% in the 3rd quarter to 6.3% in the 4th. This was the 12th continuous quarterly drop in vacancy rates for 100+ unit apartments - from a high at the end of 2009. Rental rates continued to escalate [...]
