Commercial Real Estate & Business News – June 14, 2017

Average apartment rents are increasing across the country. And despite all the new units that have become available, renters keep showing up to leasing offices, keeping the average vacancy rate in the sector relatively low. “Stabilization is a word that comes up over and over,” says Greg Willett, chief economist for RealPage and its subsidiary MPF Research…»
A Florida-based real estate firm has acquired its first property in the Phoenix market. Sterling Organization, a private equity real estate investment firm, has acquired Palm Valley Marketplace at the southwest corner of West Indian School Road and North Litchfield Road in Goodyear for $22.45 million…»
Many Millennial renters in metro Phoenix want to buy a home But they can’t afford a 20 percent down payment, and it will take them more than a decade to come up with it, according to a new survey. It’s no revelation that Millennials are caught between rising rents and home prices…»
Stockdale Capital Partners’, Galleria Corporate Center continues to be a magnet for companies looking to locate and grow in the Phoenix area. With a newly remodeled lobby and common areas, the former ‘mall turned creative office’ complex in Scottsdale’s Downtown Entertainment District is accommodating hundreds of jobs…»
Tempe – Green Leaf Partners Inc. of Danville, Calif. (Mike O’Neil, Thomas Hall, Farrokh Billimoria, co-founders) has added to its Valley multi-family holdings with the $59.5 million ($148,750 per unit) acquisition of the 400-unit Apache Station apartments located at 2323 E. Apache Boulevard in Tempe. The sellers were 33 tenant-in-common entities led by SCI Real Estate Investments in Los Angeles, Calif…»