Commercial Real Estate & Business News January 24, 2020

Experts Tout a ‘Hot Arizona Market’ at IREM-CCIM Economic Forecast The theme of the 13th Annual IREM-CCIM Economic Forecast was “The Real Scoop.” Judging by the comments of economists and industry panelists, the message that resonated was “Phoenix and Arizona are on fire.” “Last year we talked about being late in the game and would there be extra innings,” said keynote speaker Elliott D.…»
Freddie Mac: Originations Will Hit $390B in 2020
Freddie Mac is expecting continued growth in the multifamily market throughout 2020. In its just-released Multifamily 2020 Outlook report, the government-sponsored enterprise predicted that final numbers from 2019 will show the multifamily market in the U.S. finishing 2019 with solid rent growth and only modest vacancy rate…»
ViaWest Sheds Biltmore Center in One of Phoenix’s Largest Deal
Phoenix-based joint venture ViaWest Group has sold the iconic Biltmore Center in Phoenix for $212 million. The deal was the largest to close in 2019 and the fourth largest sale in the market’s history. ViaWest sold the property to an unnamed new entity that was formed for the purchase, and it will maintain an ownership and management…»
Phoenix Asset Trades for $58M
PrivatePortfolio Group has acquired Circa Central Avenue in Phoenix for $57.5 million, Maricopa County public records show. Tilton Development Co., in partnership with Hunt Cos. and Ryan Cos., developed the 227-unit community in 2019. Nationwide Life Insurance Co. originated a $31.6 million acquisition financing for the…»
Fannie Mae’s Duncan: Low Mortgage Rates Will Boost Prices
Fannie Mae raised its forecast for 2020 home-price gains, saying low mortgage rates and a strong labor market will pump up demand for properties. Single-family home prices probably will increase at a 4.6% pace this year, Fannie Mae said in a forecast on Tuesday. That compares with the 4.1% advance for 2020 the mortgage giant…»