Author: BEX Staff

By Mary Salmonsen for Multifamily Executive The average U.S. multifamily rent fell $3 to $1,473 in November, according to the latest National Multifamily Report by Yardi Matrix. Year-over-Year rent growth fell by 20 basis points, down to 3.1 percent for the month. National rent growth has held at three percent or above since spring 2018, demonstrating the strength and consistency of multifamily demand, according to Yardi. More than 320,000 new multifamily units have been absorbed so far in 2019, marking the sixth straight year with at least 250,000 new multifamily units absorbed. Seattle, Denver, and Dallas have had the highest…

Source: National Association of Home Builders Sens. Jeanne Shaheen (D-NH), Lisa Murkowski (R-AK), and Maggie Hassan (D-NH) introduced legislation to address an unintended consequence of the Tax Cuts and Jobs Act of 2017 that increased costs for some builders and developers. For builders and developers working in areas served by a for-profit, corporate water utility, a small tax change in the 2017 tax reform bill resulted in higher sewer and water costs. As part of the new tax law, a longstanding exemption to the tax treatment of contributions in aid of construction (CIAC) was removed to the detriment of housing…

Awards & Accolades 1. Karen Benoit, senior vice president of corporate marketing at Kidder Mathews, has been selected nationally as a top Influencer in Commercial Real Estate Marketing and Communications by the editors of GlobeSt. Real Estate Forum. 2. Taylor Morrison has netted its second Glassdoor Employees’ Choice Award, recognizing the Best Places to Work for 2020. The Employees’ Choice Awards, now in its 12th year, relies solely on the anonymous input of employees, who elect to provide feedback on their jobs, work environments and companies via Glassdoor. Boards & Commissions 3. Total Building Commissioning (TBCx)’s Todd Watson has been…

Sales Transactions 1. Starwood Income Real Estate Trust purchased the 277-unit Alta Drinkwater apartment complex at 3234 N. Scottsdale Rd, for $96M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the sale. The sellers were Wood Partners and the Carlyle Group. 2. Stockdale Capital Partners purchased 371K+SF of Class A medical laboratory and creative office building formerly known as Henkel Corporate Center located at 7201 East Henkel Way, Scottsdale, for an undisclosed price. 3. Ensemble Real Estate Solutions and Investments purchased the Best Western Plus Arroyo Roble Hotel & Creekside Villas, located at 400…

By Tasha Anderson for AZBEX Vancouver, Washington-based developer IDM Companies is proposing a new multifamily development at the NEC of Melrose and Quartz Streets in Gilbert. Pew & Lake PLC, on behalf of the developer and property owner, Leseur Investments, submitted plans to the Town of Gilbert and requested a minor General Plan Amendment on the 14.88-acre property as well as a rezone from Regional Commercial to Multifamily/Medium. The Town of Gilbert heard the request at its December 4th Planning Commission Study Session meeting. The project, dubbed Acero Val Vista, is proposed as a 328-unit multifamily community comprised of 24…

Source: City of Phoenix Local subcontractors have an opportunity to submit scopes of work and be part of the $230M Talking Stick Resort Arena renovation. General contractor Okland, the Phoenix Suns and City of Phoenix are hosting a trade partner outreach event on Tuesday, December 17th, in the Arena Pavilion. Registration is required for the free event. The transformation of the Arena into a state-of-the-art sports and entertainment facility requires partnerships with subcontractors and specialty vendors. Carrying forward with the Suns’ tradition of keeping business local, Okland is seeking specialty trade partners and supply vendors needed for the major renovation…

Source: Arizona Department of Transportation The Interstate 11 study team has been busy since the public hearings and the public comment period held earlier this year. The team continues to process more than 12,000 submissions received on the Draft Tier 1 Environmental Impact Statement and the Recommended Corridor Alternative. Each submission is logged, evaluated by the project team, and sorted according to the topics covered in the comments and questions. Ultimately, the Federal Highway Administration and the Arizona Department of Transportation will respond to public and agency comments on the Draft Tier 1 EIS when the Final Tier 1 Environmental…

Source: Attesa Danrick Builders has announced the design of its primary international road race circuit has been finalized and site plans submitted to Pinal County to initiate permitting. All land use entitlements are secured and construction of the new track, Arizona International Raceway @ Attesa will begin immediately upon county approvals. Attesa is Danrick Builder’s master-planned motorsports, entertainment and advanced technology research community located 43 miles from Phoenix Sky Harbor International Airport. The 2,355-acre property is within the metro Phoenix area just south of Casa Grande, and an hour from Arizona’s second largest city, Tucson. Attesa is an anchor of…

Source: Creighton University Maricopa County and Creighton University are working together to address a major challenge to the region’s prosperity and well-being: the growing shortage of doctors, nurses and other healthcare professionals. The Maricopa County Industrial Development Authority (IDA), backed by the Board of Supervisors, is investing $2.5M in the construction of the Creighton University Health Sciences – Phoenix Campus, which will train new doctors, nurses, therapists and more. “Creighton could have picked anywhere in the country to build this campus, but they chose to come to Maricopa County. That says something about the vibrant community we are building together,”…

Groundbreakings 1. Hines announced it will host a groundbreaking ceremony for its new 25-story, 379-unit downtown Phoenix luxury multifamily complex Adeline on January 14, 2020 at 10:00 a.m. The ceremony will be held at 222 E. Jefferson St. 2. U-Haul® International broke ground on a multi-million dollar, 54.2KSF conference and fitness center, a part of a corporate expansion in Midtown Phoenix. The two-story, state-of-the-art facility will be stationed along Roanoke Avenue between Central Avenue and 3rd Street, just east of the U-Haul corporate towers. It is scheduled for completion by December 2020. Carhuff + Cueva Architects, LLC, is the project…