September 19, 2013

2nd Quarter 2013 Apartment Market Update

By |2017-10-04T14:31:06+00:00September 19th, 2013|

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 [...]

September 19, 2013

Qtr 2 2013 – The Metro Phoenix Apartment Market

By |2017-10-04T14:31:07+00:00September 19th, 2013|

In the 2nd quarter of 2013 there were a total of 72 sales (10 units or more), a significant increase from the total of 56 in the 1st quarter. Of the 72 sales, 23 were 100+ units and 49 had less than 100 units.  All but 7 of the 100+ unit [...]

June 4, 2013

An observation – believe it!

By |2017-10-04T14:31:07+00:00June 4th, 2013|

“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 [...]

May 16, 2013

Qtr 1 2013 – The Metro- Phoenix Apartment Market

By |2017-10-04T14:31:07+00:00May 16th, 2013|

In the 1st quarter of 2013 there were a total of 56 sales (10 units or more) of which four were bank-owned, one bankruptcy and one short sale. Twelve of the 56 sales (21.4%) were “flips” - properties purchased within the past few years and now sold at a profit.  Financing [...]

May 16, 2013

1st Quarter 2013 Apartment Market Update

By |2017-10-04T14:31:07+00:00May 16th, 2013|

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 [...]

January 7, 2013

Qtr 4 2012 – The Metro Phoenix Apartment Market

By |2017-10-04T14:31:24+00:00January 7th, 2013|

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 [...]

January 7, 2013

4th Qtr 2012 MF Permitting Making Strong Comeback

By |2017-10-04T14:31:24+00:00January 7th, 2013|

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 [...]

December 6, 2012

The Metro Phoenix Apartment Market (Q3 2012)

By |2017-10-04T14:31:24+00:00December 6th, 2012|

In the 3rd quarter, there were 64 regular apartment sales (10+ units) and four broken condo sales, similar volume to recent quarterly sales.  Two properties, Orange Arbor (164 u) and Pierson Place (28 u), both located in central Phoenix, reverted back to the beneficiary at trustee sale.  There were no 3rd [...]

January 6, 2012


By |2017-10-04T14:31:24+00:00January 6th, 2012|

The appetite for buying investments remains quite strong, but the number of apartment sales decreased a bit from previous quarters due primarily to a shrinking supply of product. In the 1st quarter, there were 50 regular apartment sales (10+ units) and three broken condo sales. There were no apartment communities sold [...]

December 6, 2011

The Metro Phoenix Apartment Market (Q4 2011)

By |2017-10-04T14:31:24+00:00December 6th, 2011|

In the 4th quarter, there were 60 regular apartment sales (10 or more units) – similar to each previous quarter in 2011. Of these, half sold for more than $1M and 33 of the 60 were “all cash”. The 27 sales that had financing were mostly from new loans or restructured [...]

December 6, 2011

Apartment Market Q3 2011

By |2017-10-04T14:31:07+00:00December 6th, 2011|

Apartment sales in the 3rd quarter were similar volume to recent quarters with 61 regular sales (10+ units), three multi-property (portfolio) sales, seven partial condo sales, and six 3rd party trustee sales.  Of the 61 regular sales, 37 had new financing, seller or existing lender financing or assumptions of existing loans [...]

August 6, 2011

Apt Market Q2 2011

By |2017-10-04T14:31:07+00:00August 6th, 2011|

Apartment sales continued with strong activity – similar to the past four quarters.  For the 2nd qtr., there were 59 regular sales (10+ units), six multi-property (portfolio) sales, two partial condo sales, and four 3rd party trustee sales.  Of the 59 regular sales, 35 had either new financing or assumptions of [...]

January 6, 2011

Apt Market Q1 2011

By |2017-10-04T14:31:24+00:00January 6th, 2011|

The rebound of the apartment market has started.  Sometime mid-to-late 2010 was likely the bottom.  With five consecutive quarters of declining vacancy rates and a steady increase of savvy investor pressure pushing up prices, our market is poised for continued growth.  Combine this with the lack of permitting for new apartments [...]