Commercial Real Estate & Business News – August 7, 2015

Companies formed by NexPoint Residential Trust Inc. and BH Equities LLC paid $116 million (blended average of $104,129 per unit) to purchase 1,114 apartment units in three Valley communities. The sellers in three separate transactions were companies formed by Bascom Arizona Ventures LLC… Read more »
A Midwest-based retailer would anchor the P83 District’s retail component under plans submitted to city officials, the developer said. Mike Oliver, managing partner of Peoria Sports Park, LLC, also said his group has been talking with a hotel and envisions adding restaurants “unique to Peoria”… Read more »
The Tempe City Council has approved property tax breaks for proposed high-rise condos and a hotel. The council approved a property tax deal with Minneapolis-based Opus Development Co. for a planned 3.2 acre project near University Drive and Forest Avenue at its meeting Thursday. The development is slated to include a 20-story apartment tower and possibly a grocery store. It is in the midst of Arizona State University’s main campus in Tempe… Read more »
The 193-unit Dwell Apartments located west of the northwest corner of Scottsdale and McDowell Roads sold yesterday for a total price of $14.275 million. The 52-year old complex consists of 25 residential buildings constructed into a unique “L” shaped pattern on six acres… Read more »
The Carefree Town Council has approved a new $45 million condo development near Tom Darlington Drive and Cave Creek Road… Read more »