E-Zine for the Week Ending May 10, 2018

Back By Popular Demand - A Meeting just for Owners of Small to Mid-size Apartments Some of the Topics – What’s on YOUR mind? How the Apt. Market is Changing Tips to Maximizing Cash Flow and Value Proven techniques to Improve Operations New Laws You Need to Know How to motivate your management company Expect a Fun and Informative Town-Hall style meeting – Please bring questions and we’ll appreciate your input Food and drinks provided by Duck and Decanter Date: June 6, 2018 Location: Copenhagen 1701 E Camelback Rd. Phoenix, AZ 85018 Time: 6pm - 7:30pm

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Mothers Day - Reminder! Remember that Karin has been a faithful sponsor of our KLCG-AMA events by providing exceptional floral arrangements. Click Here for More Info

Is Phoenix becoming Wall Street West? The Mesa City Council voted 7-0 Monday to pick a new Class A development on 28.2 acres of city-owned land next to the Chicago Cubs Sloan Park. Lincoln Property Co.  and the  Boyer  Co. had competing office developments for the land which is now city-owned soccer fields in the Riverview area near Rio Salado Parkway, Dobson Road and Loop 202. That’s also near the Mesa Riverview retail development. The Mesa Council picked the Lincoln development. Lincoln pitched a 1.35-million-square-foot office project called The Union. It entails four new office buildings between four and eight stories. The buildings would range between 225,000 and 450,000 square feet each. Lincoln is partnering with  Harvard Investments  on the Mesa development. They’ve teamed on other projects. Mesa and Lincoln still need to craft a final agreement for The Union.

Why Goldman Sachs is turning its $2B acquisition eye to real estate in Phoenix New York-based Goldman Sachs Asset Management Private Real Estate paid $95.1 million for a 341-unit apartment complex near Arizona State University in Tempe. While this acquisition marks the company’s 16th multifamily investment nationwide — it currently owns 3,948 units — this is the first apartment complex in the Phoenix area. The 341-unit Hanover Mill Avenue apartment complex at 101 W. Fifth St. made the Phoenix Business Journal’s  list of the area’s most exclusive apartments . But it won’t be Goldman Sachs’ last purchase in the area, said  Joseph Sumberg , co-head of Goldman Sachs Asset Management Private Real Estate, or GSAM PRE. “We’re planning on acquiring $2 billion worth of real estate this year,” he said. “Phoenix continues to be a target market.”

Apartment Developers Try to Figure Out the Parking Equation in a World with Fewer Cars Nobody knows for sure how much parking a new apartment property is going to need, and that uncertainty can have a big impact on developers’ building decisions. “More and more frequently, developers are telling us that the difference between a new construction deal working financially or not working comes down to the parking requirement,” says Greg Willett, chief economist with RealPage, Inc., a provider of property management software and services. Many apartment renters still depend on cars to get around, at least part of the time. However, tenants today are still less dependent on automobiles than they have been in years past, especially if they live a market where they can walk to amenities and have access to other transportation options. If automakers succeed in creating self-driving cars that become widely used, renters will need even fewer parking spaces in the near future.

16,731 Units Under Construction In addition to the 16,731 units currently under construction, there are 11,100 planned and 12,727 units noted as Prospective. That's a total of 40,560 units.  Email Jim for detailed list of new construction or use the map link above

Map of Apartments Available We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area.  CLICK HERE for a detailed list of Apartments Available or use the map link above.

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Q4 Apartment Market Newsletter

Kasten Long Commercial Group Jim Kasten, CCIM - Designated Broker 602 445 4113 Office 602 677 0655 Cell www.KLCommercialGroup.com