Commercial Real Estate & Business News – June 3, 2014

5 Coolest Apartment Complexes in Phoenix

When it comes to neighborhoods, we’ve dished the dirt on the 10 best, the five up-and-comers, and the five most expensive. Now it’s time to cater to cribs that keep you tuned in without being tied down. Yep, it’s time to take a look at Phoenix’s coolest apartments. From Grand Avenue and Midtown to Roosevelt Row and downtown central, here are our top five picks for renting in the city… Read more

FPA Multifamily Adds Sierra Vista to Fund IV

KC Venture Group sold Sierra Vista I and II for a combined $23.825m or $51,017 per unit on Friday. The 467 unit apartment complex north of the northeast corner of Priest Drive and Hardy Road in Tempe had been held by Fingersh dating back to 1995, when it was acquired in two transactions for a combined $10.1m. The all cash sales price represents a 135% rate of return, ignoring proceeds from operations… Read more

New Development Proposed for Elevation Chandler Site

Eight years after construction of a hotel near Chandler Fashion Center halted abruptly, a proposal to replace the six-story concrete eyesore has been submitted. Like the failed Elevation Chandler project, the new proposal includes a hotel. It also calls for high-density housing, retail and office space on the lot northwest of the Loop 101/Loop 202 interchange… Read more

Renovated US Bank Tower Leases 100KSF to Tenant

Following a nearly $3 million renovation of the landmark US Bank Center in downtown Phoenix, Parallel Capital Partners has renegotiated nearly 100,000 square feet and more than $25 million in total lease consideration with existing tenants Valley Metro Rail Inc. (57,074 square feet renewed to 2026); Xerox (31,861 square feet renewed to 2020); and Jacobs Engineering Group Inc. (20,451 square feet renewed to 2024)… Read more

Zillow: Phoenix Home Prices to Climb 3.6 Percent

Home prices across metropolitan Phoenix will increase by only 3.6 percent by April 2015, according to a forecast from Zillow. reports the Valley ranks 15th for projected home appreciation on Zillow’s list of large metro areas. The projected 3.6 percent growth rate is a pittance compared with 17 percent last year and 30 percent in 2012… Read more