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Commercial Real Estate & Business News May 29, 2018

Many experts have been more bullish in their approach to increases to the federal funds rate in 2018, forecasting a total of four rate hikes for the year. Last year, experts even predicted the President Donald Trump’s selection for Federal Reserve Chair wouldn’t matter – the market would still see four rate hikes. And after the administration passed tax reform at the end of last year, experts again forecasted an increase in the federal funds rate, saying it could cause the Fed to speed uprate hikes…»
Apartment landlords can no longer raise rents like they used to. So many new apartment units are opening that the percentage that vacancy is inching higher across the country. This year “will likely remain challenging for many landlords and apartment investors,” says Victor Calanog, chief economist and senior vice president in the New York City office of data firm Reis Inc. Strong demand for apartments has helped limit the damage from new supply…»
After moving upward for two straight months, existing-home sales retreated in April on both a monthly and annualized basis, according to the National Association of Realtors. All four major regions saw no gain in sales activity last month. Total existing-home sales,  which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 2.5 percent to a seasonally adjusted annual rate of 5.46 million in April from 5.60 million in March…»
Cushman & Wakefield sold 9.29 acres of Arizona State University (ASU) surplus land, located at the southeast corner of Rio Salado Parkway and Price Road in Tempe, Ariz. Phoenix-based Alliance Residential, the nation’s largest multifamily developer, purchased the site from ASU for $11.25 million. Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield Phoenix represented the seller in the transaction…»
Scottsdale-based Symmetry Cos. is injecting new life into a 3,600-acre master-planned community 20 miles north of Prescott. In 2013, Symmetry gained two-thirds interest in the Talking Rock Ranch master-planned community, with Scottsdale-based Harvard Investments maintaining one-third of the project.  Since that time, Symmetry and Harvard have invested more than $27 million in the master-planned community, said Peter Burger, president and founder of Symmetry Cos…»