Senior Apartment Team
Linda Fritz-Salazar
Associate Broker


Call 602 759 1204


Email
Scott Trevey, CCIM
Senior Associate


Call 480 205 0862


Email
Weekly Apartment Closing Update through  October 13 , 2017

Property Name 
Address, City
Units Size 
(SF)
  
Sales Price
Price/SF
Ave. Unit
Size
Sale Date
 Year Built 
Price/
Unit
Comments 
Markley on 32nd
4232 N. 32nd Street
Phoenix
26
25,153
$4,700,000
$186.86
967 SF
10/10/2017
1964

$180,769
13-1/1's, 12-2/2's, 1-3; Renovated in 2016/2017; 25% Down; New Opus Bank Loan; Last Sale: 06/2016 for $2,550,000
Bella Norte & Metro on 19th, 1905 W. Palmaritas, Phoenix 488
246,937
$24,700,000
$100.03
506 SF
10/12/2017
1979

$50,615
192-0/1's, 220-1/1's, 73-2/1's; Down Pmt & Financing Unknown; Last Sale: 06/2011 for $7,200,000
Twin Palm
339 N. 11th St.
Phoenix
20
13,428
$2,250,000
$167.56
671 SF
10/13/2017
1985

$112,500
4-1/1's, 16-2/1's; 31% Down; New Freddie Mac Loan; Last Sale: 12/2009 - Deed in Lieu
 
Apartment sales have slowed in the first three quarters of 2017 in Greater Phoenix.  For the nine months of 2016, there were 346 Apartment Sales (50+ units)  vs. only 247 for the first nine months in 2017.
 
There are still many, many Buyers looking to invest in the Phoenix Market. So, what's causing this?  1.  Buyers are being cautious.  2. Rental income has not matched the strong pricing increase.  3. Lenders are looking closer at actual income and expenses and not assuming rent increases will take care of available cash flow.  4. Lenders are requiring more cash down.  5. The increase in rents is slowing.  6. There is not a lot of product available on the market.  
7. Owners are enjoying the good rental market and cash flow and do not feel any sense of urgency to sell.  8. If owners did sell, it's difficult to find a replacement property. 
 
All this said, where is the market heading?  Call me.  Let's talk.

 



Data Source: CoStar, BREW, Vizzda plus personal information
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About Us 
The Kasten Long Commercial Group has specialized in apartment brokerage in metro Phoenix since 1998. Our agents have brokered more than 1,000 communities with gross sales in excess of 1 billion dollars.

Kasten Long Commercial Group

5110 N 40th Street, Suite 110 Phoenix, AZ 85018
Designated Broker - Jim Kasten, CCIM
602 445 4113 office - 602 677 0655 cell
Jim@KLCommGroup.com

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