Commercial Real Estate & Business News – April 7, 2016

Rental apartments are proving to be a sound investment in top global real estate markets, led by the United States but also strong in Germany, the latest analysis report suggests. Rental growth in the US accelerated to its highest pace in the first quarter of 2016 and all major markets registered positive absorption… Read more »
Phoenix and its Southwest sister Las Vegas both rank among the hottest U.S. markets for apartments, according to a new report from the Zillow real estate firm. Zillow looked at U.S. cities’ multifamily sectors and ranked them based on new apartments being built, how fast those new units get rented and rental prices… Read more »
Kroger’s Fry’s division on Tuesday announced plans to build what it called the first full-service grocery store in downtown Phoenix. Plans call to build a 55,000-square-foot Fry’s store as part of a mixed-use development that could include office and residential space, developer Red Development said in a release… Read more »
Downtown Phoenix will see another multifamily property rise from the ashes of a decades-old building this summer. Proxy333, located at 333 E. McKinley St., immediately west of the Biomed campus, is being co-developed by Scottsdale’s Tilton Development Company and Seattle-based Goodman Real Estate. The 118-unit, six-story urban infill project is scheduled to open for occupancy this summer… Read more »
A new affordable housing complex is open in north Phoenix. Nonprofit organization UMOM bought the North Mountain Lodge Motel in 2011 in Sunnyslope, next to UMOM’s other affordable housing complex, Casa de Paz Sahuaro Apartments. The Arizona Department of Housing and the Bob & Renee Parsons Foundation invested in the property as well to create Parsons Village… Read more »