Multifamily developers continue to churn out record levels of new supply ahead of what is expected to be a ‘peak year’ for apartment construction in 2016. The number of new apartments under construction is at its highest level since the 1980s, and double the annual historical average seen over the last 34 years. Almost 205,000 units delivered over the four quarters ending March 31, 2016, a 2% annual increase, including 46,000 units added during the seasonally slow first quarter… Read more »
A proposal to construct a four-story apartment complex adjacent to the historic San Marcos golf course in downtown Chandler is drawing opposition from some nearby residents and small-business owners, who say the project will block views of the 103-year-old course and compromise the character of the area. The objections have come as many more in the area support the plan. What is the plan?… Read more »
Higher caps for Fannie Mae and Freddie Mac will deliver some welcome liquidity to a still booming multifamily investment market. The Federal Housing Finance Agency (FHFA) announced on May 4th that it has increased the 2016 multifamily lending caps for Fannie and Freddie from $31 billion to $35 billion each, effective immediately. That is a substantive move higher from caps that were set at $30 billion and $25.9 billion for both 2014 and 2013…Read more »
China Vanke Co.’s reported investment in a proposed 43-story apartment tower just a few blocks from Amazon’s global Seattle headquarters underscores both the growing appetite and widening market search for U.S. assets by Chinese development companies. At a reported $200 million, the China Vanke joint venture with Walnut Creek, CA-based Laconia Development would exceed the aggregate $194 million in Chinese capital invested into the…Read more »
South Scottsdale continues to be a popular spot for development in 2016, with two residential towers slated to replace vacant storefronts and a partially abandoned auto dealership along Scottsdale Road, according to plans filed with the city. L’Esperance, a five-story complex proposed for the northwestern corner of Scottsdale Road and Earll Drive, could bring 77 apartments and ground-floor retail space to a prominent corner at the southern gateway into Old Town Scottsdale… Read more »