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 20 , 2017

Property Name 
Address, City
Units Size 
(SF)
  
Sales Price
Price/SF
Ave. Unit
Size
Sale Date
 Year Built 
Price/
Unit
Comments 
Capella Place
1212 E. Bethany Home
Phoenix
150
140,472
$19,575,000
$139.35
936 SF
10/17/2017
1971, 1984

$130,500
6-0/1's, 77-1/1's, 67-2/2's; 40% down; New Loan: American Nat'l. Ins.; Last Sale: 08/2012 for $9,050,000
Courtyard at Encanto
2322 W. Thomas Rd.
Phoenix
159
70,742
$8,800,000
$124.40
445 SF
10/17/2017
1979

55,346
52-0/1's, 106-1/1's, 1-2/1; M/M, New Loan: Citibank; Last Sale: 01/2013 for $2,385,000
Vaughn Manor
36 E. Vaughn
Gilbert
38 of 42
43,548
$6,764,000
$155.32
1,146 SF
10/19/2017
2006

$178,000

All 3/2's; 20% down; New Loan: Rait Financial Trust; No Prior Sale
Four Pines
61 & 65 N. May
Mesa
12
8,928
$839,900
$94.07
744 SF
10/20/2017
1986

$69,992
All 2/1's w/W/D's; 40% Down; New Loan: CA Coast Credit Union; Last Sale: 06/1995 for $158,361
 
Apartment sales have slowed in the first three quarters of 2017 in Greater Phoenix.  
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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