3:00 pm June 8, 2017

Q1 2017 Metro Phoenix Apartment Owners Newsletter

By | 2017-08-30T12:24:46+00:00 June 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 meeting [...]

1:31 pm June 8, 2017

2414 W Devonshire Avenue 16 units sold June 9,2017

By | 2017-08-24T19:52:53+00:00 June 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 [...]

1:39 pm January 13, 2017

Q3 Metro Phoenix Apartment Owners Newsletter

By | 2017-08-24T15:10:35+00:00 January 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 [...]

1:06 pm January 13, 2017

Q1 2016 Metro Phoenix Apartment Owners Newsletter

By | 2017-08-24T15:59:25+00:00 January 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 [...]

9:29 am March 30, 2016

Suggestions for Raising Rents and Increasing Value

By | 2017-08-30T12:26:55+00:00 March 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 [...]

11:59 am May 13, 2015

Investor Acquires Fully Renovated Apartments with Big Rent Upside

By | 2017-10-04T14:30:13+00:00 May 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 [...]

3:19 pm April 23, 2015

Small Apartment Sells in Hot Midtown Phoenix

By | 2017-10-04T14:30:13+00:00 April 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 [...]

1:29 pm March 4, 2015

PROPOSITION 117 EFFECTS ON YOUR PROPERTY TAXES

By | 2017-10-04T14:30:13+00:00 March 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 [...]

12:47 pm January 20, 2015

Metro Phoenix New Apartment Construction – Great for Class “B’ and “C” Properties

By | 2017-10-04T14:30:13+00:00 January 20th, 2015|

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 [...]

2:32 pm November 12, 2014

Average Rental Rates (Individually Metered)

By | 2017-10-04T14:30:13+00:00 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 Q3 2013.  We expect the rates to continue to increase, but for the larger complexes, the [...]

2:31 pm November 12, 2014

New Construction Remains Very Strong

By | 2017-10-04T14:30:13+00:00 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 new apartment projects started (2,777u) in Q3, mostly in Phoenix, Scottsdale and Tempe.  There are now [...]

2:30 pm November 12, 2014

Vacancy Rates Continue Decline

By | 2017-10-04T14:30:13+00:00 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% - and the 100+ decreased by 0.39%.  Of the 32 metro Phoenix sub-markets surveyed, 18 reported decreased [...]

3:26 pm August 4, 2014

Scottsdale New Apartment Construction Update By Numbers – Q2 2014

By | 2017-10-04T14:30:13+00:00 August 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 [...]

2:49 pm August 4, 2014

North Scottsdale New Apartment Construction Update – Q2 2014

By | 2017-10-04T14:30:13+00:00 August 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 [...]

2:47 pm August 4, 2014

South Scottsdale New Apartment Construction Update – Q2 2014

By | 2017-10-04T14:30:13+00:00 August 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 [...]

4:54 pm April 23, 2014

Multifamily New Construction Update for Scottsdale

By | 2017-10-04T14:30:14+00:00 April 23rd, 2014|

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 [...]

3:55 pm March 4, 2014

The Metro Phoenix Apartment Market (Q4 2013)

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

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 285 sales of apartments with 10 or more units.  182 of these sales had between 10 [...]

3:51 pm March 4, 2014

Qtr4 2014 – Average Rental Rates

By | 2017-10-04T14:30:14+00:00 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 the I-17 corridor. Size         Studio                  One Bedroom      Two Bedroom 50 - 99    $490 (1.14/sf)      $588 (0.94/sf)      [...]

3:50 pm March 4, 2014

4th Qtr 2014 – New Construction & Permitting

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

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 totaling 1,914 units.  These included three in Scottsdale (388u, 325u and 264u) two projects in Phoenix [...]

3:49 pm March 4, 2014

4th Qtr 2013 – Vacancy Rates Continue to Drop

By | 2017-10-04T14:30:14+00:00 March 4th, 2014|

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 and Chandler.  Vacancy rates for [...]