May 29, 2019

How to Maximize Apartment Value and Keep Your Profit

By |2019-05-29T17:14:06-07:00May 29th, 2019|

Kasten Long Commercial Group 5th Town Hall Meeting for Apartment Owners and Related industry June 12, 2019 5:30 – 6:00 pm  Registration and Networking 6:00 – 7:30 pm  The Program 7:30 – 8:00 pm  Post Program Networking Location 24th St Conference Center 1841 N 24th Street, Phoenix, AZ The Program: Update [...]

May 20, 2019

Monroe Street Abbey

By |2019-05-20T15:19:32-07:00May 20th, 2019|

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 [...]

May 2, 2019

Amazon Adds More Acreage for their Westside Facility in Tucson

By |2019-05-02T20:07:52-07:00May 2nd, 2019|

Amazon Adds to their Westside Facility in Tucson Amazon recently added a third parcel of 1.3 acres, paying $9.00/sf, to their Westside land assemblage located just west and adjacent to the I-10 and I-19 (Interstate to Nogales) interchange. In Tucson, AZ  The seller was represented by Walter Unger, CCIM, Kasten Long [...]

May 2, 2019

12-Unit Mesa Apartment Community Sells for $106,250/unit

By |2019-05-02T16:23:44-07:00May 2nd, 2019|

The 12-unit Higley-University Apartments closed escrow on April 24, 2019 for $1,275,000 ($106,250/unit) at an existing 7.2% CAP rate. The buyer was a local investor. The property is part of Dreamland Villas, a 55+ age restricted community located at 5233 E University Drive, Mesa, AZ and is within a County Island. Most [...]

May 2, 2019

Downtown Mesa Apartments Sell for $171,250/unit

By |2019-05-02T14:05:49-07:00May 2nd, 2019|

Four condo-mapped townhomes plus a common area parcel (5 total parcels) closed escrow on April 30, 2019 for $685,000 ($171,250/unit) at an existing 6.5% CAP rate.  Constructed in 2002 and located at 410-426 N Drew St., the property is adjacent to the Mesa Convention Center and central to the cultural and [...]

May 2, 2019

2019 Q1 Metro Phoenix Apartment Owners Newsletter

By |2019-05-02T14:11:26-07:00May 2nd, 2019|

The Metro Phoenix Apartment Market (Q1 2019) Sales volume was strong in the 1st quarter of 2019. There were 70 individual apartment transactions with 10 or more units, plus 25 additional that were part of portfolio sales. Of the 70 individual sales, only 5 paid “all cash.” “Flips” (properties held less [...]

September 21, 2018

Southern Scottsdale – Where the World Comes to Play and Innovative Companies Excel

By |2018-09-21T10:28:26-07:00September 21st, 2018|

Southern Scottsdale Primed for Jump in Property Values – SRP Confirms Long-term Water Supply for Entire Valley On Sept 14, 2018, the Kasten Long Commercial Group (KLCG) in partnership with American Title Service Agency hosted a unique educational event at SkySong.   Some of the best speakers in their field defined the economic [...]

June 8, 2017

Q1 2017 Metro Phoenix Apartment Owners Newsletter

By |2018-01-09T14:23:24-07:00June 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 [...]

June 8, 2017

2414 W Devonshire Avenue 16 units sold June 9,2017

By |2017-08-24T19:52:53-07:00June 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 [...]

January 13, 2017

Q3 Metro Phoenix Apartment Owners Newsletter

By |2017-08-24T15:10:35-07:00January 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 [...]

January 13, 2017

Q1 2016 Metro Phoenix Apartment Owners Newsletter

By |2017-08-24T15:59:25-07:00January 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 [...]

March 30, 2016

Suggestions for Raising Rents and Increasing Value

By |2017-08-30T12:26:55-07:00March 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 [...]

May 13, 2015

Investor Acquires Fully Renovated Apartments with Big Rent Upside

By |2017-10-04T14:30:13-07:00May 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 [...]

April 23, 2015

Small Apartment Sells in Hot Midtown Phoenix

By |2017-10-04T14:30:13-07:00April 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 [...]

March 4, 2015


By |2017-10-04T14:30:13-07:00March 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 [...]

November 12, 2014

Average Rental Rates (Individually Metered)

By |2017-10-04T14:30:13-07:00November 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 [...]

November 12, 2014

New Construction Remains Very Strong

By |2017-10-04T14:30:13-07:00November 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 [...]

November 12, 2014

Vacancy Rates Continue Decline

By |2017-10-04T14:30:13-07:00November 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 [...]

August 4, 2014

Scottsdale New Apartment Construction Update By Numbers – Q2 2014

By |2017-10-04T14:30:13-07:00August 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 [...]