From a capital markets and investment perspective, last year was one for the history books for the apartment market. Apartment transactions rose to an all-time record of $150 billion in 2015, according to Real Capital Analytics, toppling the previous year’s record. Total units sold surpassed 1.2 million for the first time ever. And the average price of new apartment homes set yet another new record, at $136,130, while cap rates correspondingly fell to all-time lows… Read more »
Bank and CMBS loan originators tightened their lending standards for all types of commercial real estate loans during the first quarter, a marked reversal from the previous few years. A significant number of U.S. banks reported tightening standards for construction and land development loans and loans secured by multifamily properties, according to the latest Federal Reserve Senior Loan Officer Opinion Survey released this week. Additionally, a moderate number of U.S. banks reported tightening standards for loans secured by office, industrial, retail and hotel properties… Read more »
There’s no doubt that now is an interesting time in the mortgage market for multifamily assets located in secondary locations, brimming with potential, promise and uncertainty. With cap rates compressed in the majority of primary markets located in coastal cities across the U.S., many of the industry’s largest players are turning to secondary markets for opportunities to purchase properties with higher growth, and therefore yield potential. This is driving aggressive capital activity in these markets and resulting in upward pressure on multifamily rental rates…Read more »
The Greater Phoenix retail market opened 2016 on a fairly high note, with net absorption surging during a time that is typically a soft period. Net absorption topped 675KSF, the strongest first quarter for net tenant demand since 2008. Continued absorption is anticipated in the quarters ahead, bringing the forecast total for all of 2016 to approximately 2.2MSF… Read more »
The City of Chandler Planning and Zoning Commission at its May 4 meeting approved rezoning 5.4 acres of a golf course’s former driving range to be redeveloped into a luxury multifamily community. From developer Wood Partners, the Alta San Marcos project would be located along the south side of Chandler Boulevard, just a few blocks west of Arizona Avenue… Read more »