Commercial Real Estate & Business News – July 25, 2013

Utah Investor Bolsters Valley Holdings…Pays $17.5 Million for 352 Units in Mesa

A company formed by Bridge Investment Group Partners LLC as manager of the ROC Funds, paid $17.5 million ($49,716 per unit) to acquire the 352-unit Villetta apartments located at 1840 W. Emelita Avenue in Mesa. The seller was Fairfield Privado Park LLC, a company formed by Fairfield Residential Inc. Bridge Investment Group Partners is an investment advisory firm with more than $1 billion of assets under its management… Read more

Joint Venture Acquires 472 Tempe Apartments for $30.3m

TGM Associates completed the sale of two multifamily assets in the Tempe market at the end of last week for a total of $30.3m for 472 units or $64,195 per unit. The buyer was a joint-venture formed by Stratford Partners of Del Mar and JLL Ventures of San Diego, California… Read more

Bill to Halt Casino Moves Forward

The bill takes direct aim at the Tohono O’odham Nation, which announced plans to build a casino near Glendale’s sports and entertainment district in 2009. The plans prompted a string of lawsuits and legislation. The tribe’s opponents, including two Valley tribes that operate casinos, have argued that a 2002 voter-backed compact barred more casinos from opening in the Valley… Read more

Multifamily Market: Making Cents’ of Renovations

As multifamily continues to maintain its popularity as an investment, property managers and investors are taking advantage of multifamily acquisitions and rehabilitations. While there are a number of factors that have created the boom in multifamily, the bottom line is that growing demand and low supply in some markets make multifamily renovation a smart move… Read more

Fannie Sees Slow, Steady Economic Growth

Fannie Mae chief economist Doug Duncan has reason to smile. His reading of the tea leaves indicates an improving economy through the end of the year. Fannie’s most recent research reveals this optimism, but how does that jibe with reports that the unwinding of quantitative easing in the fall will hike interest rates and dampen commercial real estate activity generally?… Read more