Commercial Real Estate & Business News – October 9, 2013

Gelt Feeds Phx Appetite with La Paz Acquisition

A little more than a month after shelling out $15 million for the 240-unit Versante Apartments in Tempe, AZ, Gelt Inc. is back at it again, this time acquiring the 92-unit La Paz. The Tarzana, CA-based buyer paid $6 million for the class B apartment, and according to Gelt partner Keith Wasserman, the asset was appealing due to its location… Read more

$38M, 218-Unit Luxury Apartment Goes to Downtown Scottsdale

In about a month, another high-end Scottsdale apartment goes vertical. Alta Scottsdale, a 218-unit luxury community replaces an antiquated office complex one mile east of Old Town, 4141 N. Granite Reef Rd. at Indian School Rd. The two 4-story Italianate buildings were designed by Womack and Hampton… Read more

Phoenix has Low Live-Work Ratio Downtown, but Sees Growth

A study by the International Downtown Association finds that Phoenix has a relatively low percentage of people who both live and work in downtown Phoenix. The report found that 6,779 residents live in the core of downtown Phoenix and 33,554 residents live within the broader one-mile adjacent area… Read more

Arizona Among States Most Impacted by Government Shutdown

Arizona ranks in the Top 20 of states most affected by the ongoing partial government shutdown. According to a new analysis from WalletHub, Arizona checks in as the 15th most-impacted state, behind Utah (No. 14) and Missouri (No. 13) and ahead of Montana (No. 16) and North Dakota (No. 18)… Read more

Commercial Real Estate Lending Expected to Remain Buoyant

Banks’ reengagement with commercial real estate investors showed no signs of a slowdown in the third quarter, according to an analysis of lending market data. Sam Chandan, president and chief economist at Chandan Economics, said his research into third-quarter data found more banks lending in more places against a widening range of income-producing commercial real estate properties… Read more