“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ AND “The major fortunes in America have been made in land.”- John D. Rockefeller. ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE and CLICK HERE for Map of Apartments Under Construction or in Pipeline.
By Angela Gonzales – Senior Reporter, Phoenix Business Journal May 4, 2018.
The Phoenix area has 10,500 apartment units under construction to the tune of nearly $1.4 billion, according to a report being released today by Colliers International.
The market continues to record vacancy declines, even as new units are delivered, said Pete O’Neil, research director for Colliers International in Phoenix.
“I think the market’s been particularly strong, and I think at some point we will see basically the concerns people have had is are we building too many units and I think the answer at this point is no,” O’Neil said. “Because if we were building too many units, we would see vacancy rates go up and it hasn’t, or there would be the downward pressure on rents, where owners have to cut rents to attract renters, but we’re not seeing either one of those things.”
In fact, average monthly rents in the metro Phoenix multifamily market crossed the $1,000 threshold during the first quarter, according to Collier’s first quarter multifamily report.
“Asking rents reached $1,018 per month, up 7.3 percent from one year ago,” he said.
Vacancy dipped to 5.4 percent in the first quarter, a 50 basis point improvement from the end of last year and a 20 basis point dip from one year ago, O’Neil said.
“This is the second-lowest recorded vacancy rate in greater Phoenix in the past 20 years,” he said.
The report also found sales of apartment buildings slowed from the end of the year but were nearly identical to levels from the first quarter of 2017.
“Prices are on the rise,” he said. “The median price reached $120,000 per unit, and in the buildings built since 2010, the median price was more than $251,000 per unit. Cap rates averaged just 5 percent in the first quarter.”
For example, a partnership between Scottsdale-based Statesman Group and HCW Development sold a 303-unit Chandler apartment complex they developed for $64.8 million.
These trends bode well for apartment developers, including Christopher Todd Communities LLC, which is investing $3 billion to develop rental home communities in Arizona by 2030. This year alone, the Phoenix developer will invest $120 million, adding another $250 million in 2019.
Statesman Group also is building a $75 million apartment complex in the Desert Ridge area of north Phoenix. That 335-unit complex called Montreaux is expected to open in March 2019.
Apartment construction is happening at a time when not many affordable homes are currently on the market. Of the homes for sale in the Phoenix market, 50.4 percent are high-end homes, while only 17 percent are entry-level homes, according to a report by Seattle-based Zillow Group Inc. (Nasdaq: Z and ZG).
That means many millennials who were finally ready to take the plunge and buy their first home may be renting apartments a bit longer.
“At some point, people will transition back into for-sale housing — either condos or single-family or town homes,” O’Neil said. “But we haven’t necessarily seen that just yet.”
SEE IT ALL: https://www.bizjournals.com/phoenix/news/2018/05/04/metro-phoenix-has-1-4b-worth-of-apartments-under.html
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE and CLICK HERE for Map of Apartments Under Construction or in Pipeline.
KASTEN LONG Commercial Group and AMA Events, Resources & Education For Apartment Owners
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME 520-975-5207 OR E-MAIL ME walterunger@ccim.net
ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. 520-975-5207 or email me walterunger@ccim.net
CLICK HERE for Map of Apartments Under Construction or in Pipeline.
Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
WEEKLY APARTMENT CLOSING UPDATE THROUGH May 4, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 27, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 20, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 13, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 6, 2018, Phoenix Arizona Metro.
8 Reasons You Should Invest in Land
Timeline of Arizona from 900 BC – 2017
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
Click here to View My Listings and Profile
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Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
1-520-975-5207
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Direct: 520-975-5207
Fax: 602-865-7461
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