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A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand.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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Valley Build-to-Rent Hybrids are Capturing the Eye of Lenders

By Angela Gonzales | Phoenix Business Journal As the build-to-rent niche continues to become more popular with renters, homebuilders and investors, it’s also catching the eye of lenders. These unique build-to-rent (BTR) products feature detached, single-family homes in a rental community loaded with amenities, including clubhouses, resort-style pools and dog parks. Scottsdale-based Tower Capital, which …

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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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July Homebuilding Permits Take Dip as Valley Market Cools

By Angela Gonzales | Phoenix Business Journal Single-family homebuilding permits in July dipped a bit compared with July 2020, an indication the Valley’s housing market cooled a bit over the summer. Nonetheless, overall permits are up 32% year to date through July, with some Phoenix metro cities seeing triple-digit percentage increases. Between January and July, …

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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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Ohio Couple Camps Out in Airbnb While Waiting for a Phoenix Home

By Angela Gonzales | Phoenix Business Journal The Phoenix housing market is crazy hot right now — just ask an Ohio couple currently camping out in an Airbnb as they lose bid after bid on their dream home. In May, when the couple arrived in Phoenix to look for a home and find new jobs, …

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