The Kasten Long Commercial Group (KLCG), the Arizona Multihousing Association (AMA) and the East Valley Partnership (EVP) held an event at the Mesa Arts Center on Wednesday, January 31, highlighting the new branding of the East Valley, now referred to as “PHX East Valley”. The speakers suggested that with the overall strong JOB and populations growth combined with the area being able to expand its boundary to the south and southeast, the PHX East Valley may soon be the Fastest Growing Area in the US.
Speakers from KLCG (Scott Trevey, CCIM and Linda Fritz-Salazar) defined where we are in the current RE cycle, plus the need for more apartments and the existing investment opportunities in “B” and “C” class apartments in the PHX East Valley. John Lewis (CEO – EVP) looked at the entire east valley including Phoenix Mesa Gateway Airport expansion, the 275 sq mi Superstition Vista State Land currently “for sale” that is master planned for 800,000 people, and each of the PHX East Valley cities major projects. He also noted:
- Tempe being the number 1 growth city in the US
- Two of the best cities to find a job in the US are in the PHX East Valley
- Greater Phoenix population projected to be 7.755 million in 2050, with the existing PHX East Valley expected to have a population increase of 1 million and an additional 400,000+ new jobs.
Jaye O’Donnell (Asst. Econ. Dir. City of Mesa) defined the current five major PHX East Valley growth areas plus the infill activity in the downtown areas of Mesa, Chandler and Gilbert. She also addressed the Fiesta Mall and the opportunities that may be available with the possible transition to high-tech office, education and health. Scott Smith (CEO – Valley Metro) provided insight in the Light Rail in PHX East Mesa, the significance of being connected to greater Phoenix and where the investment opportunities are being created along the current and proposed Light Rail.
KLCG formed a partnership with the AMA in 2017 to be a resource for their members that own and manage their apartments. KLCG is a full-service, commercial real estate brokerage with a focus on multifamily brokerage and research in metro Phoenix since 1998. This was the 4th event for the partnership, each selecting different locations across Metro Phoenix with a focus on the current and planned activities in the selected area that will have an impact on property value. Information provided at each event is posted on www.KLCG-AMA.com. For more information on past and future events, please contact Jim Kasten, CCIM (602 677 0655, Jim@KLCommercialGroup.com. For more information about the AMA and the benefits of membership, please contact Dianna Jordan (602 296 6212, djordan@AZMultihousing.org).