Commercial Real Estate & Business News – January 13, 2021

Andante Apartments in Ahwatukee Sold for $145.25M
In the largest multifamily sale in over two years, the Andante Apartments in Ahwatukee were sold for $145.25 million, or $252,170 per unit. According to the commercial real estate tracking website, the last multifamily transaction this large was the $142 million…»
Proposed Downtown Phoenix Mixed-use Tower Would Incorporate Historic Building
Working on a plan to create a 26-story tower and incorporate a historic building in downtown Phoenix’s warehouse district has been a “labor of love” for real estate attorney Nick Wood, who said the project will greatly benefit a Phoenix nonprofit that aims to train people…»
Greenlight Communities’ ‘Cabana’ Properties Help Counter the Effects of Rising Rental Rates in Arizona Cities
AdvisorSmith’s “Cities Where Rents are Rising and Falling the Most” report, the communities of Avondale (1st), Surprise (6th), Glendale (11th), Peoria (21st), Mesa (26th), Gilbert (27th), Phoenix (68th) and Chandler (71st) were all among the cities nationwide with the biggest…»
Here’s Where Phoenix Ranks Among Top Moving Destinations
In 2020, Americans were on the move, but perhaps not to where you might expect. The key results of Updater’s 3rd Annual Moving Destinations Report, which tracks American migration patterns over the past year, are as follows: Americans departed the largest, most densely…»
National US Rental Demand Closes Out Year at Strongest Level Since 2000
The United States ended the year with the best fourth quarter for apartment demand in two decades with large Sun Belt cities driving the most traffic, though some high-priced coastal markets hit hard by the coronavirus pandemic initially now appear…»