Commercial Real Estate & Business News – September 13, 2021

Multifamily asking rents increased nationally by 10.3% in August on a year-over-year basis, marking the first double-digit increase in the history of Yardi Matrix’s data set. Overall occupancy was strong, as well, increasing by 0.9% from a year ago to 95.6%. All metros that Yardi Matrix tracks had positive year-over-year rent growth…»

A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand.Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, partner at…»

North Peoria’s Vistancia community is about to welcome new neighbors. California-based IHP Capital Partners and Värde Partners, with U.S. offices in Minnesota and New York, recently formed a joint venture to purchase 3,721 acres of land within Vistancia. According to the commercial real estate tracking website Vizzda, two…»

The city of Glendale is seeking to annex another 36 acres of land next to the Loop 303 for a proposed industrial, commercial and residential development.The site plans call for a mixed-use project on the southeast corner of Northern Avenue and Cotton Lane and could include three buildings totaling about…»

Low-Income Housing Tax Credits (LIHTC), an already popular option for investors in the multifamily sector, are set to play a big role in President Joe Biden’s initiative to increase the supply of affordable housing in the United States.The Biden administration is going all-in on affordable housing by taking steps to make it easier for developers to…»