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Commercial Real Estate & Business News – May 6, 2024

Not-for-Profit Group Acquires Laveen Village, Arizona, Land for Power Infrastructure Development

Salt River Project Agricultural Improvement and Power District has purchased more than 96 acres in Laveen Village in Arizona for $46.3 million, or $479,444 per acre, from Leon Capital Group. In June 2022, Leon Capital, a Dallas-based investment company, purchased 140.3 acres…»

‘A Challenging, Wonky Year.’ Does Distress Loom in Phoenix Multifamily Market?

Apartment market conditions continue to weaken amid worsening financial conditions nationwide. Momentum is picking up in the Phoenix multifamily market compared to a year ago, said Adam Finkel, co-founder and managing partner of Scottsdale-based Tower Capital, which…»

Phoenix Investment Volume Down 75% From 2021’s Peak

This year’s first quarter marked another slow period of sales activity for the Phoenix commercial real estate market as about $1.8 billion worth of multifamily, retail, office, and industrial properties traded hands, a 75% decrease from 2021’s average of about $7.1 billion per quarter…»

Hundreds of Affordable Apartments Coming to Phoenix Soon. Who Qualifies?

Hundreds of affordable apartments are coming to Phoenix for residents with disabilities, those experiencing chronic homelessness and senior citizens. The City Council on Wednesday approved $8 million in federal funding for five projects that will build a total of 279 affordable apartment…»

Multifamily Rent Growth Trailing Seasonal Norms

RealPage’s rent growth monitoring shows the first quarter of 2024 to be well off the norm. U.S. effective asking rents — rents after concessions and costs to secure a lease — fell 0.1% from the last quarter of 2023. The pre-pandemic norm was a 0.6% increase in a year’s first…»