Commercial Real Estate & Business News – December 8, 2014

Arizona to See Better Growth in 2015, Experts Say

Economists think 2015 will bring a better year for the state in job and population growth. The economic recovery will remain slow by Arizona’s historical standards, but an improved national economy is expected to help lift the state’s near-term fortunes, said Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W.P. Carey School of Business at Arizona State University… Read more »

San Francisco Investor Spends Nearly $100 Million on Phoenix Area Apartments

A San Francisco investment firm has recently spent $91 million to buy apartment complexes in Tempe and Avondale. Arms of Fowler Property Acquisitions LLC has bought the Mirabella Apartments in Avondale in two deals totaling $66.5 million. The Avondale complex is located near Indian School and El Mirage roads and has 715 units… Read more »

Farnham Pays $47.1 Million ($150,000 Per Door) for Gilbert Apartments Built by Alliance

A company formed by Farnham Realty Inc. in Phoenix paid $47.1 million to buy the 314-unit Broadstone at Twin Fields apartments in Gilbert. The high-end multi-family community is located east of the Loop 202 (San Tan Freeway) at 2505 E. Williams Field Road. The seller was a limited partnership formed by Alliance Residential Co. and Phoenix Capital Partners… Read more »

Oregon Investor Jumps Back in the Pool..Buys 251 Apartments in Second Valley Deal

After expanding into Arizona and making its first Valley real estate investment in August, Umbrella Properties Inc. took just four months to make its second apartment property acquisition in the Phoenix market. The Umbrella Properties entity paid $24 million ($95,618 per unit) to buy The Club at Coldwater Springs, a 251-unit apartment project at 105 N. Links Drive in Avondale. The seller was a company formed by PEM Investments Real Estate Group… Read more »

Urban Condos Going Up, Up, Up Again in Metro Phoenix

Million-dollar condominiums with their own elevators are underway in north Scottsdale. Four-story town houses with skylights are planned near Arizona State University in Tempe. And salesare about to start for lofts overlooking central Phoenix’s Margaret T. Hance Park… Read more »