Press Release Archive | Q1 2017
Colliers International in Greater Phoenix

Greater Phoenix

Phoenix Office
2390 E Camelback Road
Suite 100
Phoenix, AZ 85016
USA
Main: + 1 602 222 5000
Fax: + 1 602 222 5001

Scottsdale Office
14080 N Northsight Blvd
Scottsdale, AZ 85260
USA
Main: + 1 480 596 9000
Fax: + 1 480 948 0502

Bob Mulhern
Senior Managing Director
Greater Phoenix
Direct: +1 602 222 5038
bob.mulhern@colliers.com

Colliers International Press Release Archive | 2017

Q3 | 2017 | Press Releases

  • Colliers International Negotiates Office Building Acquisition by Riverview Drive, LLC

    Riverview Drive, LLC purchased a freestanding office building at 3118 E. McDowell Road in Phoenix and leased it to ABC Ambulance as its new headquarters. Greg Hopley with Colliers represented the buyer in the acquisition of the 13,000-square-foot building for $1,175,000.

  • Colliers International Sells Marble Creek Apartments in Phoenix for $16.75 Million

    Colliers International negotiated the $16.75 million sale of Marble Creek Apartments at 4601 W. McDowell Road in Phoenix. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers brokered the sale. The seller was Marble Creek, LLC, of Arizona; and the buyer was WWC (Western Wealth Capital) Holdings, LLC, of Arizona.

  • Colliers International Sells Woodcreek Apartment Homes in Las Vegas for $16 Million

    Colliers International completed the $16 million sale of The Woodcreek Apartment Homes at 4485 Pennwood Avenue in Las Vegas. Thomas Olivetti of Colliers' Las Vegas office and Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers’ Phoenix office negotiated the sale. Tablerock Capital LLC of Idaho purchased the property from Pennwood Partners of Nevada.

  • Wade Nelson Named Senior Vice President, Property Tax Services, Colliers International

    Wade Nelson was named senior vice president of Property Tax Services for Colliers International, marking an expansion of client services for Colliers. Nelson, a seasoned veteran of the property tax industry, will be responsible for growing real estate tax services and tax appeal resources within the United States, serving Colliers’ internal stakeholders and their clients.

  • John Smeck Joins Colliers International in Greater Phoenix as SVP, Mortgage Advisory

    John C. Smeck III was named Senior Vice President, Mortgage Advisory at Colliers International in Greater Phoenix. Smeck will initially create a fully integrated debt and equity platform for the Arizona operations. He then will assist in the company’s national effort to roll out the program throughout the United States as leader in the West.

  • Colliers International Reports Land Sales Accelerating in Greater Phoenix

    The pace of land sales in Greater Phoenix picked up during first half of 2017, fueled by demand for housing and strong fundamentals in commercial development. Price gains were strongest for parcels intended for commercial and industrial uses. Sales of land parcels intended for residential development accounted for more than half the total land transactions thus far.

  • Colliers International Negotiates Medical Office Building Acquisition

    The Valbuena Institute purchased a 6,512-square-foot medical office building at 9831 E. Bell Road in Scottsdale for $1,321,936. Philip Wurth with Colliers’ Scottsdale office represented Valbuena. The Institute will relocate its Valbuena Wellness Center to the property.

  • Colliers International Reports Tucson Multifamily Market Rent Growth Spurs Investment

    The Tucson multifamily real estate market posted mixed results during the second quarter of 2017, according to Colliers International in Greater Phoenix. Significant rent growth is motivating more investment in the marketplace, despite higher vacancy. Rental rates have risen five percent in the past 12 months, marking the largest year-over-year increase recorded in recent years.

  • Colliers International Reports Phoenix Investment Real Estate Market Picks Up

    The Greater Phoenix real estate investment market started the year slow, but reversed course during second quarter. The most recent three months posted more property sales, higher prices and compressed cap rates, according Colliers International. Sales of shopping centers recorded one of the most dramatic increases during second quarter, spiking more than 50 percent over the first three months.

  • Colliers International Reports Greater Phoenix Multifamily Market Remains Strong

    Greater Phoenix continues its strong multifamily real estate performance, with the first half of 2017 posting increasing rents, strong construction and strengthening investment activity. Rental rates are rising at an accelerated pace, advancing 5 percent year-to-date. Construction of new multifamily communities has been very active with more than 1,800 new units coming online during second quarter.

  • Colliers International Sells East Valley Office Condos to Expanding Businesses

    Two East Valley businesses purchased office condominiums with an eye for future growth. Philip Wurth, executive vice president with Colliers in Greater Phoenix, negotiated the sale of the condos in Chandler Gateway Office Park at 4015 W. Chandler Blvd., in Chandler; and Pointe Office Suites at 2221 W. Baseline Road in Tempe.

  • Colliers International Reports Greater Phoenix Industrial Market Poised to Accelerate

    The Greater Phoenix industrial market posted strong performance in the first half of 2017, and all indicators point to an acceleration of activity in the final six months of the year. The predictions are part of the second quarter industrial market report from Colliers International in Greater Phoenix.

  • Colliers International Sells Raintree Apartments in Tucson for $12.47 Million

    Colorado-based SPL Real Estate and Management Company purchased the Raintree apartment community at 6450 E. Golf Links Road in Tucson for $12,475,000. The seller was Summit Raintree, LLC, a Delaware limited liability company. Trevor Koskovich, Bill Hahn and Jesse Hudson of Colliers International in Greater Phoenix handled the sale transaction.

  • Declining Vacancy Spurs New Spec Construction in Greater Phoenix Office Market

    Colliers International in Greater Phoenix released its mid-year office market report. Despite a slow start in the first quarter, conditions in the Greater Phoenix office market strengthened in second quarter. Net absorption remains positive, rents are rising and the vacancy rate is declining. Strong market conditions have spurred speculative construction of new office projects.

  • Colliers International Forecasts Improvement in Greater Phoenix Retail Real Estate

    Colliers International in Greater Phoenix forecasts improvement in the retail sector for second half of 2017. Absorption slowed during the second quarter, but investors were busy purchasing retail properties. The investment market strengthened in the second quarter with sales of shopping centers accelerating and prices rising.

  • Colliers International Sells Las Vistas at Papago Park Apartments for $13.55 Million

    Las Vistas at Papago Park, a 13-building apartment community at 1010 N 48th Street in Phoenix, sold for $13.55 million to an entity sponsored by Avenue North, LLC of Phoenix. Bill Hahn, Trevor Koskovich and Jeff Sherman with Colliers in Greater Phoenix negotiated the sale transaction.

  • Colliers International Sells Store Safe Self Storage in Fountain Hills, Arizona

    Florida-based Southern Self Storage purchased the Store Safe Self Storage at in Fountain Hills, AZ, for $6,175,000. Tyler Bush, Tom Gustafson and Gary Cooper with Colliers International's Self Storage Group represented the seller and procured the buyer. Store Safe Self Storage contains 446 storage units on 2.63 acres of land.

Q2 | 2017 | Press Releases

  • Colliers International Sells Verde Dimora Apartments in Mesa for $22.25 Million

    June 26 2017 – Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix negotiated the $22.25 million sale of the Verde Dimora Apartments at 2217 N. Power Road in Mesa. WWC Holdings, LLC of Arizona purchased the property from Verde Dimora, LLC, an Arizona limited liability company.

  • Colliers International Negotiates Lease for SWCA, Inc. Expansion in Midtown

    June 26, 2017 – SWCA, Inc., an employee-owned environmental consulting firm, leased 21,339 square feet of office space at 20 E. Thomas Road in Phoenix for expansion and relocation of its headquarters. Todd Noel, CCIM, executive vice president with Colliers International in Greater Phoenix, negotiated the transaction on behalf of SWCA.

  • Senior Housing Developer Pays $8.33 Million for Former Hotel in Phoenix

    June 22, 2017 – A partnership between Bruckal Developments and Ridgeline Properties purchased the former Country Inn & Suites at 20221 N. 29th Avenue in Phoenix for $8,336,000. Tim Dulany with Colliers in Greater Phoenix negotiated the sale. The buyer plans to convert the property into an assisted living and memory care community for seniors.

  • Colliers International Sells La Palmilla Apartments for $14.1 Million

    June 19, 2017– The La Palmilla apartments at 3838 W. Camelback Road in Phoenix sold for $14.1 million. Reliant Management Group, LLC, in California, purchased the property from Syl-Mar Limited Partnership of Oregon. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers in Greater Phoenix handled the transaction.

  • Colliers International’s Kathy Foster Receives 2017 Journal Award, Honoring Industry Leaders

    June 14, 2017 – Kathy Foster, senior vice president with Colliers in Greater Phoenix, has been recognized by the Arizona School of Real Estate & Business with a 2017 Journal Award. Foster, an office properties specialist, was honored for having contributed greatly to the industry and providing service to the community.

  • Colliers International Sells Desert Gardens II Apartments for $23 Million

    June 13, 2017 – Desert Gardens II, a multifamily community located at 13621 W. Glendale Avenue in Glendale, Arizona, sold for $23 million. Bill Hahn, Trevor Koskovich and Jeff Sherman of Colliers in Greater Phoenix negotiated the sale transaction. ReNUE Properties Arizona, Inc. purchased the multifamily project from Desert Gardens VI, LLC.

  • Colliers International Negotiates $3.1 Million Land Sale in Goodyear, Arizona

    May 31, 2017 – Colliers International in Greater Phoenix negotiated the $3.1 million sale of a 16.97-acre parcel at the southeast corner of Van Buren Road and Estrella Parkway in Goodyear. The buyer plans to develop a multifamily project on the site. Chaz Smith, John Finnegan and Ramey Peru of Colliers negotiated the sale. NexMetro Development LLC purchased the parcel from Goodyear Estrella LLZC.

  • Colliers International Completes $8.5 Million Sale of Bella Gardens Apartments in Phoenix

    May 30, 2017 - Colliers International in Greater Phoenix negotiated the $8.5 million sale of the Bella Gardens apartments at 2634 N. 51st Avenue in Phoenix. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers negotiated the sale. The 11-building property is the first Arizona investment for Supertiger Phoenix Property, LLC.

  • Greater Phoenix Medical Office Market Fundamentals Remain Strong

    May 24, 2017 – The Greater Phoenix medical office market started out the year slow with negative net absorption of nearly 50,000 square feet in the first three months. Fundamentals in the market remain strong and a report by Colliers International in Greater Phoenix predicts improvement in upcoming months.

  • Colliers International Negotiates $40+ Million Sale of Discount Tire Corporate Headquarters in Scottsdale

    May 22, 2017 – Marc Bonilla and Jim Keeley of Colliers International in Greater Phoenix negotiated the $40.18 million sale of the Discount Tire Corporate Headquarters project located at 20225 N. Scottsdale Road in Scottsdale, Ariz. Halle Properties LLC in Scottsdale acquired the 157,566-square-foot office building. The seller in the all-cash transaction was Tucson-based Holualoa Thompson Peak LLC.

  • Developer Purchases $3.2 Million Parcel for New Senior Living Facility in Chandler

    May 15, 2017 – Colliers International in Greater Phoenix has negotiated the $3,200,427 sale of a 5.84-acre parcel located at the northeast corner of 94th Street and Pecos Road in Chandler, Arizona. The property will be the site of the $40 million Park at Copper Creek Independent Living.

  • Colliers International Reports Industrial Leads Investment Sales in Phoenix

    May 11, 2017 – Sales of commercial properties in Greater Phoenix slowed down during first quarter of 2017, according to a report released by Colliers International. Industrial activity ticked higher as other categories decreased in sales velocity.

  • Colliers International Reports Demand Remains Strong in Greater Phoenix Multifamily Market

    May 10, 2017 – The multifamily market continues its dynamic pace with strong renter demand, rising rental rates and steady sales, according to Colliers International in Greater Phoenix.

  • Tucson Multifamily Market Starts the Year Strong According to Colliers International

    May 8, 2017 – The Tucson multifamily market experienced an upswing in the first quarter of 2017, marked by tightening vacancy and rising rental rates, according to Colliers International.

  • Colliers International Reports Strong Absorption Drives Down Industrial Vacancy in Phoenix

    May 4, 2017 – Greater Phoenix industrial space absorption was exceptionally strong in the first quarter, driving vacancy levels below 10 percent for the first time since late 2007. The first quarter industrial research and forecast report from Colliers International in Greater Phoenix forecasts strong tenant expansion for the remainder of 2017.

  • Colliers International Negotiates Sale of Solstice at Arcadia for $12.15 Million

    May 3, 2017– Colliers International in Greater Phoenix has announced the $12,150,000 sale of 135 units within Solstice at Arcadia, a condominium project located at 5401 E. Thomas Rd, Phoenix Arizona. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers negotiated the sale.

  • Greater Phoenix Kicks Off 2017 with Strong Retail Leasing According to Colliers International

    April 24, 2017 – The first three months of 2017 brought robust net absorption to the Phoenix retail market, according to a report released by Colliers International in Greater Phoenix. Net absorption outpaced expectations, vacancy dropped lower and asking rents elevated, which all contributed to an optimistic outlook for the remainder of the year.

  • Colliers International Reports Office Market Expected to Remain Strong as Demand Continues

    April 19, 2017 – The Greater Phoenix office market remained strong in the first quarter of 2017 with positive net absorption and rising rental rates, according to a report by Colliers International in Greater Phoenix. Vacancy rose slightly during the first three months of this year, responding to heightened development activity.

  • Colliers International Negotiates Sale of Data Center in Gilbert, Ariz.

    April 17, 2017 – Colliers International in Greater Phoenix completed the sale of the OneNeck IT Solutions data center at 1655 Sunrise Blvd. in Gilbert, AZ. ArroyoBel Asset Advisors LLC purchased this mission-critical facility from a private investor. Mindy Korth, Kirk Kuller, Michael Ortiz and Scott German of Colliers in Greater Phoenix represented the seller.

  • Desert Gardens Apartments Sell for $19.5 Million

    April 5, 2017 – Colliers International in Greater Phoenix has completed the $19,500,000 sale of Desert Gardens apartments at 13517 W. Glendale Ave. in Glendale, AZ. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers handled the sale transaction. Desert Gardens V, LLC, an Arizona limited liability company sold the property to Del Marco, LLC, a Washington limited liability company.

  • Greater Scottsdale Airpark Report Forecasts Shift to Live/Work/Play

    Phoenix, April 3, 2017 – Jim Keeley, SIOR, CCIM, founding partner of Colliers International’s Scottsdale office, released his annual Greater Scottsdale Airpark 2030 Report for the year ending December 2016. “This past year brought an overall fresh attitude to the Airpark that embraces innovation, live/work/play and the transition to a millennial workforce,” said Keeley.

  • Golden Key Apartments in West Phoenix Sell for $4.5 Million

    April 3, 2017 – Colliers International in Greater Phoenix has negotiated the $4,550,000 sale of Golden Key apartments at 3675 W. Osborn Rd. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix negotiated the sale transaction. Golden Key Apartments, LLC sold the property to Lili Rubin Investment Properties, LLC. Built in 1980, the property contains 91 apartment units totaling 62,363 square feet.

Q1 | 2017 | Press Release Archive

  • Emerald Industries, LLC Purchases $9.5 Million Gilbert School Campus

    March 30, 2017 – Emerald Industries, LLC has purchased the 9.39-acre school campus at 1305 S. Gilbert Rd. in Phoenix for $9,500,000. The site is home to Lauren’s Institute for Education (L.I.F.E.), which has leased the property since 2015. “This is yet another sale further validating educational based real estate as a defined institutional asset class,” says Todd Noel, executive vice president with Colliers International in Greater Phoenix. Phoenix-based Emerald Industries, LLC purchased the campus from Fenway Properties of San Diego, CA. Noel negotiated the sale transaction.

  • Colliers International Retained to Market Premier Redevelopment Site in Downtown Phoenix

    March 22, 2017 – Colliers International in Greater Phoenix has been retained to market a core downtown Phoenix site for sale. First McKinley is comprised of parcels at 800 N. 1st Ave., 801 N. 2nd Ave., and 814 N. 1st Ave. The property is slated for development of an exciting urban mixed-use project that capitalizes on the rapid renaissance of downtown Phoenix. Larry Ortega, Chaz Smith, John Finnegan, John Barnes and Ramey Peru of Colliers in Greater Phoenix serve as the exclusive marketing team for the First McKinley property.

  • Colliers International Sells Terrace Park Apartments in West Phoenix for $14.25 Million

    March 21, 2017 – The Terrace Park apartment community at 8130 W. Indian School Rd. has been sold to a Canadian investor for $14,250,000. The purchase marks an expansion of Western Wealth Capital’s portfolio of Metro Phoenix apartment properties. Trevor Koskovich, Jeff Sherman and Bill Hahn of Colliers International in Greater Phoenix negotiated the transaction. BH Properties, a private equity company based in Santa Monica, CA sold the property to Western Wealth Capital (Janet LePage), a private investor/syndicator from Burnaby, Canada.

  • Colliers International Sells Fiesta Park Apartments in Mesa for $20 Million

    March 15, 2017 – Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20 million. A California real estate company has acquired the property to expand its portfolio of apartment communities in the Greater Phoenix area. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, Los Angeles-based private equity company BH Properties. The buyer was INCO Real Estate Company of Long Beach, CA.

  • Two Albuquerque Apartment Communities Sold to Local Investor

    Mar. 14, 2017 -- Two Albuquerque apartment communities have been sold to a local, private investor. The Continental Arms and Laurels at Uptown were purchased together as a portfolio. Cynthia Meister with Colliers in Albuquerque worked with Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers in Greater Phoenix in negotiating the transaction. Continental Apartments, LLC, a New Mexico limited liability company, purchased the properties from Kentner Continental Arms Property LLC, a New Mexico limited liability company.

  • Midtown Central Avenue Site Sells for $4.5 Million for Development of Residential/Office Project

    March 13, 2017 -- A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company has purchased 1.565 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project. The property was purchased for a price of $4.5 million. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the transaction.

  • Biltmore Corporate Park Office Building Sells for $7 Million – Colliers Intl. Negotiates Sale

    March 2, 2017 – Biltmore Corporate Park office project at 6245 N. 24th St., in Phoenix, has been sold to a local investor for $7,075,000. Fountainhead Equity Partners (Art Cunningham) with KEMF BCP Investments, LLC, acquired the property from Johnson Grove Partnership. Ryan Timpani of Colliers International handled the sale transaction and has been retained as exclusive leasing agent. “Over the next six months, ownership will be focused on a rebranding effort, as well as interior and exterior improvements that include adding tenant signage along 24th Parkway,” said Timpani.

  • Four Apartment Communities Trade in Tucson – Colliers' Cooke Team Negotiates Sale

    March 1, 2017 – A portfolio of four multifamily communities in Tucson has been sold to a NY based Real Estate Firm, DASMEN Residential, LLC, signaling more strength for the area’s investment market. The properties, which were built between 1974 and 1980, provide the buyer great cash flow with an opportunity to renovate the properties as the Tucson market continues to trend upward. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the sale of the portfolio for Omninet Capital of Beverly Hills, CA.

  • Greater Phoenix Land Market Picked Up Pace at Close of 2016

    March 1, 2017 – The Greater Phoenix housing market maintained its pace of steady improvement in the last six months of 2016, which encouraged an acceleration in land sales. Total land activity was nearly identical to 2015 and projections indicate continued momentum throughout this year, according to a report released by Colliers International in Greater Phoenix. Permitting for both single-family and multifamily housing rose from 2015 to 2016 with the strongest activity in the first half of the year. During 2016, developers pulled approximately 18,600 single-family permits and more than 9,400 multifamily permits.

  • Charter School Solutions Sonoran, LLC Purchases $6.8 Million Peoria School Campus

    February 28, 2017 -- Charter School Solutions Sonoran, LLC has purchased a school campus at 17667 N. 91st Ave. in Peoria for $6,800,000. The site is home to Sonoran Science Academy, which has leased the property since 2014. “This is yet another sale further validating educational based real estate as a defined institutional asset class,” says Todd Noel, executive vice president with Colliers International in Greater Phoenix. “The response from prospective buyers continues to be strong as they look to diversify and enhance yield spread.” The California-based Charter School Solutions Sonoran, LLC purchased the campus from Fenway Properties of San Diego, CA. Noel negotiated the sale transaction.

  • Colliers International Sells Brix Apartments in Tempe for $2.6 Million

    February 27, 2017 – The Brix Apartments at 1424 S. Jentilly Ln. in Tempe have been sold to a California investor for $2,610,000. The Fivey Company, Inc. of San Ramon, CA purchased the community from Western Wealth Capital of Burnaby, Canada. Bill Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction. Built in 1981, Brix Apartments was 100% leased at the time of the sale.

  • Florida REIT Purchases Data Center Building in Tempe

    February 21, 2017 – Colliers International in Greater Phoenix has negotiated the sale of a Data Center property in Tempe, Arizona. Carter Validus Mission Critical REIT II, Inc. of Tampa, FL. purchased the property from El Dorado Holdings, Inc. of Scottsdale, AZ, a real estate investment, planning, and development company on January 26, 2017, for $16,400,000, i.e. $371 per square foot. Mindy Korth and Kirk Kuller of Colliers International and Luke Denmon of CBRE handled the sale and lease transactions on behalf of the seller, El Dorado Holdings, Inc.

  • El Pavon Apartments in El Paso Purchased by California Investor

    February 15, 2017 – The El Pavon apartments at 5130 Chromite St. have been sold to a California investor, marking this buyer’s first acquisition in the El Paso marketplace. A private investor from Los Angeles, CA purchased the community from another private investor from Scotts Valley, CA. Trevor Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson of Colliers International in Phoenix negotiated the sale transaction. El Pavon was built in 1992 and contains 14 two-story buildings. The community is comprised of 116 apartment units totaling 118,800 square feet

  • Structured Finance Expert Randy Pereira Joins Colliers International in Greater Phoenix

    February 14, 2017 -- Randy Pereira has joined Colliers International in Greater Phoenix as a senior vice president, where he will serve as a lead financial advisor to clients on financial strategies. “Randy joins us with impressive expertise in advising domestic and international corporate occupier clients on matters of portfolio strategies, structured finance alternatives, transaction accounting, tax and rating agency impacts of real estate transactions,” says Bob Mulhern, senior managing director of Colliers International in Greater Phoenix.

  • Colliers International Completes Sale of Two Apartment Communities in Mesa

    February 9, 2017 – Colliers International in Greater Phoenix has completed the sale of a multifamily portfolio comprised of Argenta Apartments and Verona Apartments in the growing East Valley submarket. Cindy Cooke and Brad Cooke of Colliers negotiated the portfolio sale transaction. The properties were purchased by Millburn & Company of Salt Lake City, UT. Acacia Capital Corp. of San Mateo, CA was the seller.

  • Tucson Multifamily Market Completes Strong 2016 and Forecasts Stronger 2017

    February 8, 2017 – The Tucson multifamily real estate market completed 2016 stronger than a year prior and shows promise to build further momentum during, according to the 4th Quarter report from Colliers International in Greater Phoenix. Vacancy rates in Tucson rose 60 basis points during the fourth quarter, but finished the year at 6.9 percent, a full 90 basis points lower than year-end 2015. This marks the fourth straight year that metro-wide vacancy has dropped.

  • Phoenix Multifamily Market Closes 2016 With Slower Activity

    February 6, 2017 - The Greater Phoenix real estate market for Multifamily properties posted a strong 2016, but activity slowed during the final quarter of the year. Colliers International in Greater Phoenix’ fourth quarter report indicates that 2017 will bring more inventory to the market and steady occupancy. The fourth quarter of 2016 brought a slight increase in multifamily vacancy, bringing the figure to 6.0 percent, up from 5.7 percent a year ago. Rents rose in the final three months of 2016, but at a slower pace than in preceding quarters.

  • Sunpointe Apartments in Phoenix Sell for $10.8 Million

    February 2, 2017 – Sunpointe apartments at 7077 W. McDowell Rd. in West Phoenix has been sold for $10.8 million to Janet LePage – Western Wealth Capital. The Canadian investor and syndicator adds this asset to its portfolio of more than 20 apartment properties in the Greater Phoenix area. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix handled the sale transaction. Janet LePage – Western Wealth Capital purchased the community from BH Properties, a private equity company based in Los Angeles.

  • Colliers International Sells Two Tucson Apartment Communities for A Total of $13+ Million

    January 30, 2017 -- Colliers International in Greater Phoenix has negotiated the sale of two Tucson apartment complexes in transactions totaling $13+ million. Bill Hahn, Trevor Koskovich, Bill Hahn, Jeff Sherman and Jesse Hudson with Colliers negotiated the two multifamily transaction. Dale Scheck of Deerfield, IL, purchased Sherwood Gardens Apartments from MF Blue Valley Apartments, LLC of West Palm Beach, FL, for $7.54 million. Sunpointe Gardens Apartments at 2727 N. Oracle Rd. sold for $5.5 million. George Lee and Michael Lee purchased the property from Ann Diaz of Tucson and Jack Tiano of Dana Point, CA.

  • Greater Phoenix Office Market Improves According to Colliers International

    January 23, 2017 – The Greater Phoenix office real estate market finished 2016 with positive momentum, despite year-end reports of slowing job growth. The market vacancy rate dropped to 16 percent, the lowest figure seen since 2008. Net absorption of Phoenix office space topped 930,000 square feet in the fourth quarter, bringing the 2016 total to more than 3.5 million square feet.

  • Colliers International Reports 4th Quarter Strongest in 2016 for Metro Phoenix Industrial Absorption

    January 11, 2017 – The Greater Phoenix Industrial market experienced its best 2016 quarter for net absorption as it closed out the year. Stronger net absorption pushed vacancy rates to their lowest level since 2007 and they are expected to continue the decline in 2017, according to a report released by Colliers International in Greater Phoenix.

  • California Investor Purchases Solano Terrace Apartments in Phoenix for $19 Million

    January 9, 2017– Solano Terrace Apartments at 4715 N. Black Canyon Highway has sold to a California investor for $19 million. Bill Hahn, Jeff Sherman and Trevor Koskovich with Colliers International in Greater Phoenix handled the marketing and sale. 3rd Avenue Investments of Phoenix sold the property to Investment Concepts of Orange, Calif. The property includes 18 two-story buildings with a total of 288 apartment units.

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Greater Phoenix
2390 E. Camelback Road, Suite 100 Phoenix, AZ 85016 United States | Tel: +1 602 222 5000