Commercial Real Estate & Business News August 27, 2019

Valley Apartment Deals Approach $4B During First Half of 2019 During the first half of 2019, investors paid $3.82 billion for 221 apartment communities across the Valley, according to research compiled by Vizzda LLC for the Phoenix Business Journal. That’s up from 198 properties sold for $2.98 billion during the same period in 2018, according to Vizzda, a Tempe-based real estate…»
Existing Apartments Need Tech, Too
As director of operations at Baton Rouge, La.-based A.C. Lewis Management, Mackenzie Sanders sees her job in no uncertain terms. “We’re in the middle of an amenity war, and brand-new properties hold the high ground,” says Sanders, who operates 1,749 apartment units across 11 communities, which are 40 years old on…»
Phoenix Draws in More Office Investment; Prices Expected to Move Higher
Nearly $1 billion worth of office properties changed hands in the Phoenix metro during the first half of 2019, and the market continues to draw out-of-state and foreign investors. The area had 61 office transactions worth more than $1 million with a minimum of 20,000 square feet during the first half of the year, according to…»
Airbnb Takes Over 20% of Vacation Housing in One Arizona City
Airbnb vacation rentals took over one city in Arizona, frustrating its citizens and causing business leaders to speak out. Airbnb, a short-term housing rental site, is frequently at battle with cities across the U.S. as local governments seeks to limit the usage of short-term housing companies in their area. A few recent examples include:…»
Phoenix Home Sales 4 Times Higher Than National Number
The 30-year mortgage rate hit its lowest level in nearly three years on Thursday and, on Friday, the Fed announced plans to cut interest rates as early as next month. These efforts spur growth by encouraging new home sales, but Phoenix faces the opposite problem: too much growth and not enough homes for sale. Home sales…»