Phoenix Commercial News

E-Zine for the Week Ending May 16, 2018

Exclusive Meeting for Owners of Small to Mid-size Apartments

Some of the Topics – What’s on YOUR mind?

How will rising interest rates impact property value
How to use Sec. 8 tenants to create huge resale value
How to lessen your water/server bill
How to verify that rental tax is current.
Can a “PIG” be a service animal?

Expect a Fun and Informative Town-Hall style meeting – Please bring questions and we’ll appreciate your input

Food, beer & Wine provided by Duck and Decanter

Date: June 6, 2018

Location: Copenhagen 1701 E Camelback Rd. Phoenix, AZ 85018

Time: 6pm - 7:30pm

SFR Investors Are Filling the Pipeline with New Development

Developers built more than 36,000 houses for rent in 2017. That’s 6 percent more than the year before and the largest number of “build-to-rent” houses completed in any year for at least the last 14 years. After building a business by scooping up hundreds of thousands of homes nationally to assemble vast portfolios of single-family housing, some investors are now taking the next step and building new homes to meet rental demand. “The build-to-rent market has started to expand significantly over the past year,” says Gary Beasley, CEO and co-founder of Roofstock, a marketplace for rental houses. “A lot of entities, including traditional homebuilders and investors, are starting to become active in this space.”

Canadian manufacturing company opens facility in Mesa

Eclipse Automation is a customer-focused leading supplier of sustainable custom automated manufacturing equipment for a diverse range of industries. The Canadian company opened a manufacturing facility in Mesa in May 2018. Eclipse Automation Inc. plans to invest another $1 million and add another 30 employees within the next 12 to 16 months, said Eclipse CEO and founder Steve Mai . The 26,000-square-foot facility opened about a month ago with 20 employees at 2340 W. Broadway Road. “We were able to find a core skilled labor pool (in the area),” Mai said by phone Friday. “The investment that the local universities and colleges are putting into technology in the area is definitely a benefit to us. Our growth is dependent on those programs.”

ASU proposal for downtown Mesa is projected to cost city $70M

The taxpayer cost to build a proposed Arizona State University development in downtown Mesa is estimated to start at $70 million. That is about $100 million less than a similar proposal Mesa voters shot down in 2016, according to the city. The deal is not expected to go to voters this time. That’s because city leaders would identify other revenue to pay for the project instead of the sales-tax hike voters rejected. The Mesa City Council could vote on a preliminary lease agreement with ASU June 4. The $70 million figure is an estimate; the finalized budget has not been set.

A narrow council majority that includes the mayor supports the development, but Kevin Thompson and Jeremy Whittaker have been especially outspoken against the development. Residents, too, have spoken up against the proposal during heated council meetings, noting that it failed to garner voter approval in 2016, when it was bundled with a sales-tax hike for public safety.

16,731 Units Under Construction

In addition to the 16,731 units currently under construction, there are 11,100 planned and 12,727 units noted as Prospective. That's a total of 40,560 units. Email Jim for detailed list of new construction or use the map link above

Map of Apartments Available

We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area. CLICK HERE for a detailed list of Apartments Available or use the map link above.

KLCG Property Listings

Q4 Apartment Market Newsletter

Kasten Long Commercial Group

Jim Kasten, CCIM - Designated Broker

602 445 4113 Office 602 677 0655 Cell