Developer seeks 350 more luxury condos at $1B Scottsdale project
The developer of a $1 billion mixed-use community in north Scottsdale wants to add hundreds of luxury condos to a project decades in the making. Now, DMB Associates Inc. is awaiting a recommendation from the Scottsdale Planning Commission on a “zoning district map amendment” before it’s seen by City Council, according to city documents. The Scottsdale-based company would like to make room for 350 additional “for sale residential units” by cutting..»
Joint venture sells built-to-rent development near Phoenix for $30 million
LVP Partners Group purchased Avalon Townhomes, a newly constructed, built-to-rent development in the Phoenix area, for $30.1 million. The 70-unit townhouse development at 13025 W. Thomas Road in Avondale commanded $430,000 per unit and was 93% occupied at the time of sale. The sellers were Bela Flor Communities and TruVista Development. The property features a mix of two- and three-bedroom townhouses. Amenities include..»
Mangat Group bets big on small bay industrial projects
A Phoenix developer is betting big on smaller, flexible industrial spaces with a $250 million investment into four projects across the Valley. The Mangat Group wants to target small and midsized local business needing flexible office and warehouse space within growing logistics corridors, where developers have mostly focused on larger users that need ample warehouse space. The company is planning to bring more than 400 small-bay industrial condo units…»
Arte Moreno pays $125M in cash for Biltmore luxury apartments — highest price so far this year
An entity tracing to billionaire Arte Moreno plopped down $125 million in cash for a luxury apartment community in the Biltmore area of Phoenix — the most expensive apartment property to sell so far this year. 2727 LLC bought Cortland Biltmore from an entity tracing to Cortland Partners, which built the luxury community at 2727 E. Camelback Road in 2019, according to Tempe-based real estate database Vizzda LLC. The Los Angeles Angels …»
CRE’s Capital Comeback Is Gradual, Layered and Deeply Selective
Private capital is edging back into commercial real estate, but not in the way it did during the era of free money. As stress builds in private credit and geopolitical shocks push investors toward hard assets, the shift is starting to rewire the capital stack for real estate deals: who provides which tranche, at what price and on what terms. In an interview on CNBC, JLL CEO Christian Ulbrich framed real assets as “incredibly attractive” in the current environment, but…»