New Apartment Construction Strong – More Needed In Q3, there were 10 projects completed with a total of 1,895. As of Oct. 17, 2019, there have been 34 projects completed in metro Phoenix this year with a total of 7,462 units, the majority of the projects being in Phoenix. There are [...]
The Metro Phoenix Apartment Market (Q2 2019) Apartment sales are keeping pace with past years. In Q2, there were 86 individual apt sales (10+ units). In comparison, there were 77 similar sales in Q1- the difference mostly due to 12 more sales with units ranging from 10 to 99. Total individual transactions [...]
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 [...]
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 [...]
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 [...]
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 [...]
Vacancy Rates Continue to Drop 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 [...]
Phoenix Vacancy Rates Drop to 7.4% Vacancy rates for the 3rd quarter for stabilized 50+ multifamily properties decreased from 7.7% to 7.4%. Greater than 10% vacancy rates were reported in Metrocenter, Central Black Canyon, N and W Central Phoenix and E Mesa. Vacancy rates of less than 6% were reported in [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
