Multifamily Pricing Breaks From Longstanding Rent Cap Rate Relationship
For decades, multifamily investors could rely on a predictable rhythm: rising rents pushed cap rates lower and lifted asset values, while weakening rents did the opposite. That relationship is now breaking down across a growing share of major US markets, creating a more fragmented and less predictable pricing environment. In several metros, including Atlanta, Chicago and New York City, rents and cap rates are rising at the same time. In others, such as Houston, Dallas and Miami, rents…»
ViaWest picks up Goodyear site previously eyed by Prologis for industrial park
Phoenix-based ViaWest acquired a 53-acre site in Goodyear on April 16, according to real estate database Vizzda. It purchased the site from NBA Enterprises Limited Partnership and Hohokam Acres Limited Partnership for nearly $11 million; Wesley Campbell of Land Advisors represented the buyer in the deal. The land was previously eyed by Prologis, a national logistics real estate company, which went through the rezoning process two years ago to set it up for an industrial park.…»
The Hillburn brings 283 build-to-rent units to TSMC area in North Phoenix
Mark-Taylor Residential, a leading investment manager, developer and owner of Class-A multifamily real estate in Arizona, partnered with Sunbelt Holdings, a Scottsdale-based master-planned community developer, and Rockpoint, a Boston-based real estate private equity firm, to deliver 283 additional rental homes in North Phoenix. The Hillburn includes three-bedroom townhomes ranging from 1,729 to 2,291 square feet, as well as two-, three- and four-bedroom single-family…»
California developer acquires former State Farm office
A California developer has acquired a 25-acre office property in Tempe that it plans to redevelop into a hub for advanced manufacturing jobs. Panattoni Development Company Inc. closed on the $37.5 million deal April 15, according to Tempe-based real estate database Vizzda. The property at 2750 S. Priest Drive is off Interstate 10 and within the Broadway Curve area — one of the busiest highway sections in Arizona, according to the Arizona Department of Transportation. Newmark…»
New Multifamily Planned for Village at Prasada
Having paid approximately $7M to SimonCRE for 10.8 acres of the 21-acre Residences at Prasada development site, The Wolff Company is planning to develop a multifamily community on the property. The Wolff Company was represented by Jake McClaughry and Brian Gausden with Western Retail Advisors, according to a local news report. The site is part of SimonCRE’s master-planned retail development The Village at Prasada at the SEC of Loop 303 and Waddell Road in Surprise, which…»