By Mike Sunnucks | Rose Law Group Reporter
The Phoenix region is expected to see a 32 percent jump in new apartment developments this year.
That is according to a new forecast from Kasten Long Commercial Group. The commercial brokerage firm expects to see 47 new apartment projects completed in metro Phoenix this year bringing 10,811 new units to the market.
That would be a 32 percent gain from last year, according to Kasten Long.
There are 59,352 new multifamily units in the pipeline. Population gains in Maricopa and Pinal counties along with the continued current economic expansion keep driving new apartment construction.
Apartment properties also continue to sell but could end up down slightly from recent multifamily sales volume, according to Kasten Long’s research.
There were 86 apartment property sales in the second quarter compared to 77 sales in the first quarter.
That trend line pencils out to 326 sales for the full year.
That would be down slightly from the 358-apartment property sales average in the Valley the past five years.
