Commercial Real Estate & Business News – July 20, 2016

Home prices have hit record highs in some major U.S. metropolitan areas, and house-flippers are behaving like it’s 2005: It’s no wonder people are chattering about another housing bubble. But residential real estate isn’t in a speculative bubble, industry observers contend. Instead, a low inventory of available homes is driving prices higher…»
The Phoenix Biomedical Campus has grown to 1.6 million square feet on 28 acres since its inception 15 years ago – and there is even more construction planned for the downtown Phoenix campus. Banner Health, the state’s largest health system, plans to build…»

Built in 1985, Gateway on Gilbert is a 432-unit apartment community located at 1710 S. Gilbert Rd., approximately 20 miles southeast of Downtown Phoenix and at the center of several business corridors. During an ownership period of almost three years, San Francisco-based real estate investment company Hamilton Zanze implemented more than $3 million in capital improvements…»

Dallas-based developer Encore Multi Family submitted a Planned Unit Development zoning request to the City of Phoenix to construct a multifamily project east of State Route 143 between Van Buren and Washington streets. …»

It’s a tough time to pick the strongest apartment markets. That’s because the markets with the strongest demand from renters are also the places where developers are the most eager to build new projects. As a result, the strongest and weakest markets so far in 2016 tend to be places where some kind of surprise has upset developers’ calculations-for better or worse. …»