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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 13
, 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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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
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$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 |
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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.
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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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