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Healthcare and Senior Living development are shaping the future of the Phoenix market. Find out how! |
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SoCal-based Passco Cos., along with JV partner InSite Property Ventures, recently sold the 270-unit Ovation at Tempe, a multifamily community in that suburb, for $36M. In 2014, they acquired the property for a shade over $25.8M. 
During their ownership, the partners did a series of interior and exterior improvements, including upgrading unit interiors, building additional carports and enhancing various common amenities. Passco founder and CEO Bill Passo said recognizing the value potential of the market early…
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Cousins Properties' CEO Lauds Tempe As Comparable To Austin
Cousins Properties CEO Larry Gellerstedt, speaking recently during the Atlanta-based company's Q2 earnings call, compared Tempe as a real estate market to Austin — that is, a booming city rising on the strength of strong fundamentals. "Tempe has emerged as a…
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Phoenix Strip Center To Morph Into Community-Oriented Medical Facility
The LLC that holds Cave Creek Grandview Plaza in Phoenix recently sold the 16K SF moribund retail property to Neighborhood Outreach Access to Health after the seller did extensive exterior renovations that will allow NOAH to set up shop there.…
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Toll Brothers Snaps Up Rare Open Scottsdale Land
Scottsdale-based investor Zach Sakas sold a 40-acre parcel in North Scottsdale for $5.5M to homebuilding giant Toll Brothers. Sakas, through his company Copper Sky Land LLC, acquired the land in February 2015. The property is near 120th Street and Jomax Road…
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The Rise Of The Prefabricated BuildingDevelopers, general contractors and subcontractors swap stories that sound too good to be true about prefabricated construction: a student housing project that cut its delivery time by a third or a hospital that installed hundreds of bathrooms in three days with only five laborers. Though the practice of off-site construction dates back thousands of years, the last real estate cycle has pushed prefabricated construction to prominence. |
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Hotel Performance Remains Strong In Q2 Despite Incoming SupplyThe U.S. hotel market has fared well the first half of the year, recording two consecutive quarters of strong fundamentals. A recent study by STR shows in Q2 2017, the occupancy rate at hotels nationwide was up 0.5% to 69.5% compared to the same time last year. "If you think about where we are in the cycle, occupancies are really high," STR Senior Vice President of Operations Bobby Bowers said. |
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