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. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone: 480-948-5554 Prefer cell: 520-975-5207 or email me walterunger@ccim.net.
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We’ve identified the top western metros based on investment volume in the first four months of the year, according to Yardi Matrix data.
MHN – By Evelyn Jozsa
The first four months of 2020 saw substantial activity from multifamily investors in the Western region, with almost $4.2 billion of deals closed, according to Yardi Matrix data. Although the overall investment volume has slightly dropped from the $4.9 billion recorded for the same period in 2019, some markets with value-add investment opportunities saw an uptick in buyer interest. Despite good performance for the interval, overall sales activity visibly slowed down in March, due to the coronavirus outbreak. Because of the severe shelter-in-place orders, this trend continued in April, when less than 10 properties traded in the entire region.
The table below ranks the region’s metros with the highest transaction volumes in the first four months of the year, based on Yardi Matrix data. The top five markets combined represent almost all the transaction activity in the Western region.
- COLORADO SPRINGS
Transaction volume in Colorado Springs totaled more than $254 million through the first four months of 2020. Despite the distress caused by the COVID-19 crisis, sales activity was significantly higher than the $87 million closed during the same time last year. The effects of the health crisis, however, were more visible in April, when no sales were registered in the metro. In total, seven properties totaling 1,207 units changed hands.
The largest deal in the metro closed in March. Benedict Canyon Equities acquired a 332-unit property in the East Norwood submarket for nearly $87 million. UBS Realty Investors traded the class A building after almost 16 years of ownership.
- TUCSON
After a mediocre $569 million in transactions closed in 2019, multifamily investment picked up the pace in Tucson; more than $483 million in assets traded in just the first four months of 2020. Buyers mostly pursued value-add opportunities, while only two of the properties traded were Class A assets.
GMH Capital Partners’ $195 million sale of Sol Y Luna—a 342-unit Class B asset located in the University submarket—was the largest deal closed in the metro. Nelson Partners acquired the student housing asset, linked to the nearby University of Arizona.
- LAS VEGAS
Transaction activity in Las Vegas marked a new cycle high in 2019, with more than $2.9 billion in assets changing hands. The coronavirus outbreak, however, put a damper on this trend, as Las Vegas’ economic profile means that a high number of its jobs are in at-risk sectors. Transaction volume in Las Vegas totaled nearly $516 million in the first four months of the year—an 11 percent drop compared to the same period in 2019.
The highest influx of capital was recorded in the Henderson West submarket, with some $149 million in apartment assets changing hands. The largest deal, however, closed in the Las Vegas Strip submarket—Waterton purchased Vegas Towers, a 456-unit property, from Millennium Management for $104 million.
- DENVER
Denver saw nearly $1.3 billion in closed multifamily deals in the first four months of the year. Although the metro started the year on a strong note, the COVID-19 outbreak put investment activity on hold in March and no deals were closed until mid-April. In line with other Western metros, buyer interest revolved around Class B and C properties—of the 26 rental assets sold, only five were Class A assets.
The biggest buyer in the metro was Harbor Group International. The company paid $505 million to Aragon Holdings for an eight-property portfolio encompassing 2,500 units. The submarket with the highest transaction volume was Broomfield/Todd Creek, with a total of $270 million in assets changing hands.
- PHOENIX
Phoenix tops our list, with more than $1.3 billion in multifamily deals closing through the first four months of the year. Although investors continued to push through during the lockdown, investment this year has been substantially lower than 2019, when $2.2 billion closed during the same time frame. The decline comes as no surprise, considering the pressure the global health crisis put on Phoenix’s economy.
Investors closed 41 deals throughout the first four months of the year and focused increasingly on Class B and C properties during January and February. Since the start of the crisis, however, buyer interest has shifted to Class A assets. The largest investment in Phoenix was FSC Realty’s $78.5 million acquisition of the 306-unit Parc Midtown, located at 240 W. Osborn Road in the Uptown submarket.
SEE IT ALL: https://www.multihousingnews.com/post/top-5-western-markets-for-multifamily-transactions/
FROM ME: Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. 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 your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. 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 international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
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Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
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.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY 60 MIL WORTH OF LISTINGS.
https://www.crexi.com/properties?searchBrokerId=17513
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
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
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