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Commercial Real Estate & Business News – August 2, 2017

NEW YORK CITY-Well, that didn’t take long. July’s plunge in the CMBS delinquency rate erased nearly all of the steep 28-basis point climb that late-pays experienced in June, Trepp LLC reported Tuesday. That being said, delinquencies have been trending upward on both a year-over-year and year-to-date basis. June’s increase to 5.75% marked the biggest monthly rise in the Trepp CMBS delinquency rate in five years…»
Valley nonprofit UMOM announced that plans have been approved for a 54-unit affordable housing apartment complex in west Phoenix. The development, called 19North, will replace an underdeveloped, vacant lot along Morten Avenue that runs on 19th Avenue, bounded roughly by Dunlap Avenue to the north and Montebello Avenue to the south…»
Investors spent a lot less money on apartment properties so far this year compared to 2016, but prices in the sector keep rising anyway. Prices for mid-rise and high-rise properties inched up 1.0 percent year-over-year, and prices for garden-style apartment properties grew 10.0 percent in the second quarter of 2017, according to the Real Capital Analytics Commercial Property Price Index (RCA CPPI)…»
LMC Tuesday announced the opening of Muse, a mixed-use community located in the Central Arts District of midtown Phoenix. The luxury mid-rise development features 367 apartment homes and 11,000 square feet of ground-floor retail space, which includes Press Coffee, Forno 301 Pizzeria and Bar, Salon D’Shayn, and Community Florist. Move-ins began in mid-May…»
Passco Companies along with its JV-partner, InSite Property Ventures, has sold Ovation at Tempe, a 270-unit multifamily community in the Phoenix submarket of Tempe, Arizona for $36 million. The JV partnership initially acquired the asset for $25.85 million in 2014 and sold it for $36 million three years later, according to Passco’s Founder and CEO, Bill Passo. Passco Companies is a privately held Calif.-based real estate company…»