Commercial Real Estate & Business News – May 6, 2024

Salt River Project Agricultural Improvement and Power District has purchased more than 96 acres in Laveen Village in Arizona for $46.3 million, or $479,444 per acre, from Leon Capital Group. In June 2022, Leon Capital, a Dallas-based investment company, purchased 140.3 acres…»

Apartment market conditions continue to weaken amid worsening financial conditions nationwide. Momentum is picking up in the Phoenix multifamily market compared to a year ago, said Adam Finkel, co-founder and managing partner of Scottsdale-based Tower Capital, which…»

This year’s first quarter marked another slow period of sales activity for the Phoenix commercial real estate market as about $1.8 billion worth of multifamily, retail, office, and industrial properties traded hands, a 75% decrease from 2021’s average of about $7.1 billion per quarter…»

Hundreds of affordable apartments are coming to Phoenix for residents with disabilities, those experiencing chronic homelessness and senior citizens. The City Council on Wednesday approved $8 million in federal funding for five projects that will build a total of 279 affordable apartment…»

RealPage’s rent growth monitoring shows the first quarter of 2024 to be well off the norm. U.S. effective asking rents — rents after concessions and costs to secure a lease — fell 0.1% from the last quarter of 2023. The pre-pandemic norm was a 0.6% increase in a year’s first…»