Commercial Real Estate & Business News – February 19, 2021

New research shows that Phoenix is the sixth hottest U.S. market for multifamily sales over the last decade. Over the past decade, the price-per-unit (PPU) for multifamily properties surged 156%, reaching nearly $160,000. This increase surpassed both median home sale prices and rental rates. The latest…»

Phoenix is among the top cities best poised for economic recovery in 2021, according to Milken Institute’s Best-Performing Cities report. Phoenix ranked seventh among large cities, up five places from its rank last year. Provo, Utah came in at No. 1 for large cities in the 2021 report, which ranks cities based…»

The Milken Institution is out with its annual Best-Performing Cities Index, and as with most things this year, the COVID-19 pandemic had a hand at shaping the list. The index measures economic vitality in 200 large metropolitan areas, those with populations greater than 300,000. This year’s list takes into…»

An investor sold the 832-unit Heritage at Deer Valley apartments for $178.5 million, the highest total sale price for a single multifamily complex in Phoenix history. Millburn & Co., a privately held multifamily investor based in Salt Lake City, sold the apartments built in two phases in 1996 and 2000 at 3010…»

Sterling Real Estate Partners, a value-add focused real estate investment company, announced the sale of Seventh Apartments, one of the trendiest multi-family properties in Uptown Phoenix. This is Sterling’s ninth sale in Phoenix, totaling $155 million. The 286-unit multifamily community is positioned on over five acres…»