Commercial Real Estate & Business News – August 17, 2015

Phoenix Outlook Strong Despite Losing Mega-job Projects

Losing a couple of mega-job projects to other markets is a real hurt for metro Phoenix. This is especially true when both of the projects were naturals for the Valley. There?s more to the story of why two companies that would have generated around 3,000 high-paying jobs did not select Phoenix. In one case, the market made the short list, in the other we were the top rejected city… Read more »

Canadian Investor Bolsters Multi-Family Holdings…Pays $52 Million For 342 Units

A limited partnership formed by Alfonso Ergas of Vancouver, B.C., Canada paid $52 million ($152,047 per unit) to buy the 342-unit Shade at Desert Ridge apartments at 21150 N. Tatum Boulevard in Phoenix. The seller was I&G Desert Ridge LLC, formed by LaSalle Investment Management in Chicago, Ill… Read more »

Residential Originations Jump 23%

RealtyTrac has released its Q2 2015 U.S. Residential Loan Origination Report, which shows that 1,950,267 loans were originated on single family homes and condos in the second quarter, up 22% from the previous quarter and up 23% from a year ago to the highest level since the third quarter of 2013. The total dollar volume of loans originated in the second quarter was nearly $540 billion, up 14% from the previous quarter and up 29% from a year ago… Read more »

Florida Developer Moves Forward With $50m Downtown Infill Project

A new $50 million infill development near downtown Phoenix will soon start preleasing apartment units. Capital Place at 12th and Washington streets is under construction now. The infill project will total 292 apartments on 3.8 acres just east of downtown Phoenix. Winter Park, Florida-based Epoch Residential is developing Capital Place… Read more »

Multifamily Demand Continues to Rise, But How Will We Keep Up?

With homeownership levels at their lowest point in 50 years, the demand for multifamily rental homes is booming. Recently, the Urban Institute released a study that suggests 59 percent of new household formation over the next 15 years will be renters, which will cause an even bigger surge in the demand for rental housing. But are we prepared to meet this increased need?… Read more »