Author: BEX Staff

Sales Transactions 1. Ascent Equity Group has purchased the 177-unit Sunrise in Chandler multifamily community from Sunrise Multifamily for $46.5M. Sunrise bought the property for $54M in 2021. It is unknown if Ascent plans to rebrand the property. Documents show Inayatullah Ian Nasib is one of the indirect beneficial owners of both the buyer and seller entities. 2. ViaWest Group, in partnership with Keith Mishkin and Terrence Plas, purchased 83 acres of an opportunity zone site for $8.3M from Power OZ 261 LLC. The sale was facilitated by Transwestern’s Paul Borgesen, Dylan Sproul and Royden Hudnall. The property is in…

By Roland Murphy for AZBEX The Peoria Planning and Zoning Commission will consider two proposals this week that, if built as planned, could deliver more than 600 new residential units to the north side of the city. Ascent Mystic Ascent Companies is proposing a 142-unit townhome and 288 apartment development on slightly more than 28 gross acres at the NWC of El Mirage and West Westland roads. Ascent Mystic Townhomes, planned for 13 acres on the west side of the property, will feature 74 two-bedroom and 68 three-bedroom units. Buildings would be two stories with a height of 30 feet.…

By BEX Staff for AZBEX The West has had the steepest decline of multifamily permitting out of the four Census regions over the last year. According to GlobeSt, the West was down 28.9% to 92,000 units. The only region to experience an increase was the Northeast, up 13.7% to 65,000 units. Annualized starts were up by 11.7% in July, yet still down 21.8% from last year. Seven of the top 10 multifamily permitting metro markets decreased annual totals from the year before. Austin, New York and Miami were the only metro areas from the top 10 to increase. “The annual…

By Roland Murphy for AZBEX The construction market has been promised cost stabilization so many times in the past several years, “It’s just around the corner. Honest,” those optimistic outlooks now reflexively generate skepticism in the minds of many long-time observers. It looks, however, like there might be a genuine reason to start expecting better things soon. Mortenson’s Phoenix Construction Cost Index for Q2 2024 says its outlook for nonresidential construction is “cautiously optimistic” and that there are “signs of more robust market conditions for starts ahead.” The report shows a national nonresidential construction cost increase of +1.24% for Q2.…

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…