The Dealmaker: 5/2/2017

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The Dealmaker is a daily note of the day’s top real estate stories served just in time for lunch. Bon Appetit! Subscribe here to receive the Dealmaker to your inbox.

 

 

 

 

 

 

Report: Phoenix multifamily market marks stellar first quarter. “[A fiery] first quarter fueled by both robust jobs and population growth.” In addition to laying out population and job-growth figures, ABI research director Thomas Brophy presents extensive sales and construction data for the Phoenix multifamily market — and he also takes a look at what to expect for the rest of this year into next, in this exhaustive report at AZBIGMEDIA. http://bit.ly/2p2u5j7

HIKING MORE THAN JUST FOOTBALLS IN CARDINALS COUNTRY – Glendale apartment rents climbed fastest in U.S. in April. “The average cost to lease an apartment in Glendale jumped 11.5 percent in April, reports national real-estate research firm ABODO…. Metro Phoenix had 4th-highest rise in rental rates in U.S. Why the big increase in metro Phoenix’s biggest west-side suburb now?” Find out at AZCentral. http://bit.ly/2pt0key

Greater Phoenix retail kicks off 2017 with strong leasing. “Net absorption outpaced expectations, vacancy dropped lower and asking rents elevated, which all contributed to an optimistic outlook for the remainder of the year… according to a report released by Colliers International in Greater Phoenix.” Get highlights along with a link to the full report at Real Estate Daily. http://bit.ly/2pF9rtb

Rosewood Homes wins “Small Volume Builder of the Year” Award at 32nd Annual MAME Awards. “Rosewood Homes’ exceptional work earned recognition in multiple categories including product design, interior design, sales office design and several additional categories culminating with Rosewood being recognized as the ‘Small Volume Builder of the Year.’” To this “three-time recipient” of the award, we say: Congratulations once again, Rosewood! http://bit.ly/2pUODz1

Tempe Union officials ponder going into the real estate business. “District would enter a long-term arrangement with one or more developers under three options being considered for getting revenue from… a 49-acre parcel at Kyrene Road and the Loop 202… But [the options] provoked one board member to wonder if the district’s quest for more money could put it into territory that has nothing to do with education.” East Valley Tribune. http://bit.ly/2pCriPu

Tempe seeks buried lines along portions of trolley route, a complicated task. “The council wants to bury lines on Mill… between University… and Rio Salado Parkway… Only Dallas and Nice, France use such a system, but Valley Metro officials say Tempe’s proposal is even more complicated than what is used in those cities.” East Valley Tribune has the story along with a rendering of the trolly bearing down, a depiction that just might have you wondering if officials will also be seeking to bury a bicyclist! http://bit.ly/2qpirnf

Tucson’s Fun Park sells in $700M transaction. “EPR Properties…. and CNL Lifestyle Properties… have completed the last tranche of… previously announced acquisitions… Included in the… acquisition was Funtasticks Family Fun Park…. for $1.28 million ($113 PSF), with all the rides and attractions. The sale is part of a bulk sale that comes in at over $700 million total.” Further Funtastic details at Real Estate Daily. http://bit.ly/2oUFLJk

Pollack: If passed, Trump tax plan would make difference in the GDP, job creation. The Monday Morning Quarterback opens with a defense of the Trump tax plan, serving up a real-world reminder to “those who don’t understand how wealth is created.” This week’s “Snapshots” include… U.S.: Real GDP (mediocre), Consumer Sentiment & Confidence (w/ 1978 – 2017 chart), Manufacturing, New Single Family Houses – Sales & Median Price, HPI.  AZ: Lodging,  HPI – Greater Phoenix, Rental/Office/Industrial & Retail Vacancy Rates – Phoenix & Tucson. http://bit.ly/2qvaU39

Residential construction spending continues to rise. “Construction spending dipped slightly in March, although privately funded spending held its ground and residential construction activity was at a higher pace than in February [a ‘1.2 percent’ uptick and ‘7.5 percent higher than a year earlier’].” Get the breakdown at Mortgage News Daily. http://bit.ly/2pUkDTM

Cameron’s $5M + deals of the day – http://bit.ly/2pUrVGV

Arizona’s Best Kentucky Derby Party returns this Saturday  to Turf Paradise – http://bit.ly/2p8RGzC

Married or Shouldn’t be – Rose Law Group Family Law ad of the week! – http://bit.ly/2ptnqSr



As a supplement to the Dealmaker, we thought you might enjoy these articles!


TO CATCH A PREDATOR – Supreme Court rules cities can sue banks for predatory lending. “In a 5-3 ruling… [SCOTUS] ruled cities hold the right to sue… if an alleged violation of the Fair Housing Act is claimed. The ruling stems from a lawsuit brought by… Miami, which sued [B of A], Wells Fargo, and Citigroup… stating that the banks engaged in predatory lending…” However, the “landmark ruling” may have “established a standard that could be difficult to prove.” Read why in HousingWIre. http://bit.ly/2qv3ZXV

School districts file suit against state to fix crumbling buildings. “The lawsuit contends the state has failed to provide the money needed to ensure public school buildings, facilities and equipment meet minimum standards, and that failure has forced school districts to divert other resources to address those needs or allow them to persist…. [Gov. Ducey] has proposed to earmark $17 million for capital needs in fiscal-year 2018.” The plaintiffs’ lawyer “called the proposal ‘trivial.’” Arizona Capitol Times. http://bit.ly/2p5z8A7

Rio Nuevo deal to bring millions into existing downtown Tucson businesses. “The taxing district board voted last week to expand an existing deal with businessman Scott Stiteler and his business partners related to the new AC Hotel by Marriott on East Broadway and Fifth Avenue. The agreement includes an estimated $3.2 million in new investments by Stiteler into businesses and property he owns in the 200 block of East Congress Street.”  Arizona Daily Star. http://bit.ly/2pUoRdY

Arizona public records aren’t so public. “19 Arizona agencies were given simple public record requests seeking data on the numbers of those requests those agencies received in 2015 and 2016. Less than half responded…. Only one agency — Arizona Attorney General’s Office — provided everything requested.” Should you choose to check out this Arizona Sonora News item (at Arizona Capitol Times), we’re betting that you’ll do so in a “timely manner.” http://bit.ly/2quS3W8

Fan friendliness of Cactus League makes it popular draw. “Cactus League set an attendance record this year with 1,941,347 fans.” League President Jeff Meyer: “It was a record-breaking year in (the league’s) 70th anniversary (year), so we’re very pleased…” Cronkite News looks at attendance figures and the Cactus League’s economic impact on the Valley — numbers that just might have you giving fist-bumps to the Cubs and the World Series Champ’s fans. http://bit.ly/2qAZvhv

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