Rental Occupancy Hits 40 Year High in Metro Phoenix

By Brent Ruffner | Phoenix Independent The Phoenix metro is at its highest occupancy percentage in more than 40 years, despite increasing rents around the region, according to a local housing research expert. Thomas Brophy, national research director at Colliers in Phoenix, said the current occupancy rate is 97.1% — the highest since that number …

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Developer Proposes Turning Harkins Theatre Into Apartments

By Corina Vanek | Phoenix Business Journal A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand. Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, …

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Scottsdale Company Converts Hotel Suites Into Affordable Housing

By Corina Vanek | Phoenix Business Journal In the wake of the Covid-19 pandemic, which hit the hospitality industry harder than almost any other, and faced with an affordable housing crisis in Arizona, some real estate firms are looking to transform hotels into apartments. “One of our clients is very entrepreneurial and had the opportunity …

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Flood Map Changes to Save Scottsdale Property Owners Money

Mortgage holders of more than 500 northwest Scottsdale properties are now able to cancel their flood insurance due to flood map changes that went into effect July 20. The Flood Control District of Maricopa County (FCDMC), in partnership with the city of Scottsdale and the city of Phoenix, asked the Federal Emergency Management Agency (FEMA), …

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iRenting Model Guarantees Phoenix Landlords Rent for Two Years

By Angela Gonzales | Phoenix Business Journal A new iRenting model based on the iBuyer model is making its Phoenix debut. Called Nomad, the Denver-based company gives individual landlords a guaranteed rent offer on their property and takes on the heavy lifting of tenant placement and management. PJ O’Neil, a former Opendoor executive and co-founder …

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Phoenix Office Investment Nears Prepandemic Levels

By Corina Vanek | Phoenix Business Journal After office investment plummeted in 2020, the first half of 2021 showed that Phoenix was nearing the volume of office investment the market saw before the pandemic arrived. According to data from the CBRE team of Barry Gabel, Chris Marchildon and Will Mast, in the first six months …

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Phoenix Outpaces Nation in Construction Cost Increases

By Corina Vanek | Phoenix Business Journal The United States experienced the largest quarter-to-quarter increase in construction costs from the first quarter of 2021 to the second, according to Rider Levett Bucknall’s quarterly cost report, which has been studying changes in construction costs for about 20 years. As a whole, the U.S. saw a 2.9% …

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Scottsdale-Based Company Enters Into Build-to-Rent Joint Venture

By Angela Gonzales | Phoenix Business Journal Two firms that are entering the build-to-rent sector have formed a joint venture to build several projects together. Scottsdale-based Walton Global Holdings USA and Phoenix-based SVN | SFR Capital Management plan to build and operate these communities nationwide. These homes will be built within Walton Global Holdings’ existing …

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Developer with Offices in Scottsdale Building Luxury Rentals in Mexico

By Angela Gonzales | Phoenix Business Journal A Spanish developer with offices in Scottsdale is building a luxury vacation rental community in Rocky Point. The 31-unit condo property called Eagle Village at Islas Del Mar is a project of Adlanto, an asset management company with offices in Spain, Argentina, Mexico and in Arizona. The company …

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Out-of-State Buyers Gobble Up Phoenix Retail Centers

By Brandon Brown | Phoenix Business Journal As the pandemic subsides, investors – many from out of state – are swooping in and buying up retail real estate properties across the Phoenix area. In the early days of the pandemic when retailers and restaurant owners saw revenue dry up and couldn’t pay rent, no one …

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