Author: BEX Staff

By Roland Murphy for AZBEX Multifamily rents in metro Phoenix fell by 2.9% across all asset classes in August, according to the latest National Multifamily Report from Yardi Matrix. Nationally, average rent dropped $1 to $1,741 in August, Yardi reports. Rent growth was highest on the East Coast, with New York City increasing 4.8%, and in secondary Midwest markets. The Sun Belt experienced the largest declines, with Austin leading the retreat and seeing YoY rents fall 5.5%. Sun Belt’s performance is largely blamed on the high volume of new supplies coming online. Month-over-month, rents decreased nationally by 0.1% across all…

Awards & Accolades 1. ENR Southwest has announced category winners for its Best Projects competition. The winning project teams will be recognized Nov. 7at the Renaissance Phoenix Downtown Hotel where the selected Project of the Year will be announced. The three finalists are the Luhrs Moxy Hotel, Northwest Phase II Extension Light Rail Transit and Mayo Clinic AZ Bold Forward West Expansion, all of which are in the Phoenix area. Groundbreakings 2. General contractor Haydon broke ground on a 210KSF data center for Edged Energy. The data center is at 8811 E. Warner Road off Loop 202 on a 12-acre-plus…

A partnership that includes one of the Valley’s leading retail developers and a nationally recognized affordable residential firm could bring a new 19-acre mixed-use community to the NEC of Broadway Road and 91st Avenue in Phoenix. Owner Vintage Partners has submitted a rezoning request for the 19.46-acre site to allow for a 334-unit affordable multifamily community on approximately 14 acres and a more than five-acre retail development. The retail portion and overall development have been named Hurley Station. Vintage Partners will develop the retail portion. Company officials have said they are evaluating the potential tenant mix for businesses that will…

Developers of a planned subdivision and area residents recently engaged in sometimes heated exchanges at a public meeting in Payson to discuss the project. Juniper Pines and Pink Door Storage are planned for 38 acres at the NEC of Chaparral Pines Drive and Highway 260. The development includes 30 single-family homes, a multifamily development and a storage facility. Site preparation has already begun for an RV storage facility under an at-risk grading permit issued by the Town of Payson. Surrounding residents were invited to a neighborhood meeting with SS Architecture and SS Contracting as part of the preliminary development process.…

The Sedona City Council recently held a public hearing on a set of proposed increases in development impact fees. Sedona’s development fees are based on the square footage of each residential unit, an uncommon approach in Arizona, with the goal of making smaller units more affordable. The proposed fee increases would be more than double the design costs per unit. Consultant Ben Griffin of Tischler Bise explained the proposed increases as Units smaller than 700SF increased from $3,273 to $7,381 (126%), 1.5KSF increasing from $5,832 to $12,018 (106%), 2.5KSF increasing from $7,419 to $17,228 (132%). Lodging units would also undergo…

By CJ Jorgensen and Roland Murphy for AZBEX A rezoning request has been submitted for five contiguous parcels in Scottsdale to allow the development of a new 89-unit multifamily development with 6.3KSF of ground floor office space. The request would rezone the approximately three-acre site from Central Business Downtown Overlay to Downtown/Downtown Multiple-use. The site for The Clayton on Earll is situated on the edge of Old Town Scottsdale at the NWC of Earll Drive and Civic Center Plaza. The existing parcels consist of five old office buildings that would be demolished and removed for the new development, according to…

NextEra Energy is planning a new 1,076-acre solar development in Tucson. Through its affiliate Wilmot Energy Center II, LLC, the company paid $14M for the site at Wilmot and Andrada roads. Diamond Venture was the seller. NextEra’s first Tucson solar site, Wilmot Energy Center, began operations in June of last year on South Swan Road. Wilmot Energy Center II is planned as a $314M development that will generate up to 100MW of renewable energy via photovoltaic solar arrays. Both centers will serve Tucson Electric Power customers and feature battery energy storage systems. They are considered key contributors to TEP’s plan…

By Rebekah Morris for AZBEX With the 2024 election cycle well underway, various funding measures for public infrastructure are coming into focus. Many local agencies are scrambling to pass new funding measures to overcome reductions in funding from the state – most notably from the elimination of real estate rental tax that takes effect Jan. 1, 2025. Scottsdale to Request Voter Approval for Sales Tax to Fund Parks – Prop 490 Would Generate $1.5B over 30-Years According to local media reports, the City of Scottsdale is keeping its Prop 490 on the November ballot after a panel of judges forced…

Awards & Accolades 1. MC Residential, the property management arm of MC Companies, announced it received the Housing Heroes Awardfrom the Arizona Multifamily Association. Two MC Residential employees also received awards. Kaelyn Dodds was named Leasing Consultant of the Year and Ciara Hufford received the Community Manager of the Year award. 2. The Design-Build Institute of America has announced its 2024 National Design-Build Project/Team Award winners. The University of Arizona’s Applied Research Building was selected under the Educational Facilities category. The design-build firm was McCarthy Building Companies, Inc., with the architect SmithGroup. The project took 21 months to complete. 3.…

Sales Transactions 1. The Morgan Group sold the Pearl Biltmore for $152M. The Nashville-based Covenant Capital Group is the buyer. Morgan Group originally developed the 472-unit property, which opened in 2021, in a joint venture with Mesirow. 2. JLL Capital Markets facilitated the sale and acquisition financing for Casas Adobes Plaza. The shopping center sold for $51M. JLL worked on behalf of the seller, First Washington Realty. The buyer was not disclosed. 3. Mountain Vista, an 80-acre manufactured home development in Tucson, recently sold for $34M. The seller was an affiliate of the Pegasus Group. The buyer was an affiliate…