Commercial Real Estate & Business News – December 22, 2015

By all accounts, the multifamily investment sales market has been on a bull run in recent years. The fact that the sector was the leader in the real estate recovery and continues to produce solid occupancies and rent growth has caught and held investor interest. And despite stiff competition and record sale prices in many metros, buyers' voracious appetite for apartments has not diminished... Read more »
Passco Companies, LLC has acquired a premier core 218-unit multifamily community for $52.525 million in Scottsdale, Arizona, which it is naming “Luxe Scottsdale.” The community, built with an urban design, condominium finishes, and state-of-the art community amenities, was recently developed by the seller, Atlanta-based Wood Partners, according to Gary Goodman, Senior Vice President, Acquisitions for Passco Companies...Read more »
Due to an affluent consumer base and emerging employment centers, Chandler, AZ has an appeal for residents and workers alike. Multifamily assets in this city are popular with investors such as the ConAm Group of Companies, a real estate management and investment firm specializing in multi-family housing. The firm currently operates 4,300 units in the Phoenix market and recently expanded its multifamily portfolio with the acquisition of the 324-unit apartment community, The Greens... Read more »
The Irgens real estate development firm has bought a North Scottsdale office building and adjacent land for $6.6 million. Irgens, which has offices in Milwaukee, Chicago and Phoenix, bought the Perimeter Center from an arm of Nebraska-based Waitt Co. The center is located near Princess Drive, Bell Road and Loop 101... Read more »
As 2015 winds down, we took a look back at what the year produced. The oft-repeated phrase, “the economy grows, but slowly by historic standards”, has become our new reality. This is especially true in Arizona. We have been so affected by the slowdown in movement between states that has taken place nationally. Not only are we not achieving the volume of people who would normally move here, but, the loss of the demand for goods and services by those people means we also lose the ripple effect of those people. Read more »

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