Commercial Real Estate & Business News – June 10, 2016

Phoenix is a town built on real estate, and what nearly died during the Great Recession finally is starting to reboot. In all corners of the region, construction on various commercial real estate projects is in full bloom with plenty more in the pipeline. We know it's often hard for readers to keep track of all that's happening on that front....»
Park at Deer Valley LLC in Chandler (Nasim Sikder, principal) paid $33 million ($75,688 per unit) to acquire a 436-unit apartment complex at 17425 N. 19th Avenue in Phoenix called The Park at Deer Valley. The seller was Synergy 19th Ave (US) LP, a limited partnership formed by investors Myles Bruckal and Steven Bruckal in Phoenix....»

When millennials began entering the rental pool en masse, the multifamily industry couldn't have been happier. After all, the recession-brought on by the single-family mortgage meltdown-had pulled down the for-rent side of the industry as well, and the idea of a burgeoning "renter nation" was more than welcome news...»

So far this year, U.S. real estate investment trusts are handily beating the Standard & Poor's 500 stock index, as income-oriented investors remain drawn to the trusts' often-juicy yield. Two factors are driving the performance: continued low interest rates and a rebound in the physical real estate market, whether residential or commercial. The MSCI US REIT Index Total Return is up 4.17 percent as of mid-May, versus the S&P 500 year-to-date return of 0.41 percent....»

Foreclosures low, home building high, prices affordable and buyers are moving to the area. April just might have been the best month for metro Phoenix's housing market in a decade....»

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