Downtown Phoenix – Dynamic Progress and Heritage Preserved The extreme contrast between the current and planned massive new high-rise construction and preservation of the town’s heritage was highlighted at a recent meeting hosted by the Kasten Long Commercial Group at the Monroe Street Abbey located at 302 W Monroe in the [...]
Remember that Karin has been a faithful sponsor of our KLCG-AMA (www.KLCG-Events.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 [...]
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 [...]
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 [...]
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 [...]
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) [...]
“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 [...]
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 [...]
