Commercial Real Estate & Business News – May 6, 2014

1Q Apartment Deal Volume Falls, But With a Big Caveat

Excluding portfolio deals, sales of individual apartment properties increased 28 percent compared to the first quarter of 2013. That’s because the massive $6.5 billion portfolio sale of Denver-based Archstone occurred in the first quarter of 2013, skewing the results in last year’s favor… Read more

No. Calif.-Based Investor Adds to Valley Apartments Holdings with 269-Units in Mesa

A company formed by OpenPath Investments LLC paid $17.125 million ($63,662 per unit) to buy the 269-unit Waterstone apartments located at 1651 S. Dobson Road in Mesa. The seller was a company formed by Gelt Inc… Read more

Mesa Looks at More Low-Income

Mesa has hosted four grand openings for apartments funded by low-income housing tax credits over the past year. It’s a sign, the builders say, of an almost insatiable demand for affordable homes in an economy still struggling for traction… Read more

Tempe’s Twin Palms Hotel to Close, but Set for Major Renovation

A massive multimillion-dollar renovation project will immediately follow, and by October, the revamped 140-room hotel will reopen under a new name with a boutique-like vibe and a high-end restaurant and other amenities… Read more

Restaurant Job Growth Remained Strong in April

The National Restaurant Association’s Chief Economist Bruce Grindy looks at the latest employment trends. The economy added jobs in April at its strongest pace in more than two years. Meanwhile, restaurant job growth remains solid, and is on pace to top three percent for the third consecutive year… Read more