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Linda Fritz-Salazar
Associate Broker
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Scott Trevey, CCIM
Senior Associate
Call 480 205 0862
Email
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Weekly Apartment Closing Update through
October 20
, 2017
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Property Name
Address, City
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Units Size
(SF)
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Sales Price
Price/SF
Ave. Unit
Size |
Sale Date
Year Built |
Price/
Unit |
Comments
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Capella Place
1212 E. Bethany Home
Phoenix |
150
140,472
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$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
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10/19/2017
2006 |
$178,000
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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 |
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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.
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Data Source: CoStar, BREW, Vizzda plus personal information
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Map of Available Apartments
We keep track of all apartments advertised. The interactive map shows the location and amount of units. Please check out our interactive map or for more details or contact us at 602 677 0655.
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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.
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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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