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Lee & Associates - Arizona | Week in Review | Friday, May 13, 2016

05/12/2016




LOCAL NEWS

 

 

Economist: ‘This is the boom, right now’
Whether it seems like it or not, Arizona's economy is doing well for now and is expected to post its best year in a decade, state economists said Wednesday. AZ CENTRAL

 

 

Five Star to Develop The Palmeraie Mixed-Use Project Adjacent to $2B Ritz-Carlton Development in Scottsdale

Five Star Development has announced plans to break ground on a high-end mixed-use center that will be connected to the $2 billion Ritz-Carlton, Paradise Valley master-planned development in Scottsdale.

SHOPPING CENTER BUSINESS

 

 

Phoenix apartments sell for $93.9M in highest price per unit ($301,000) deal ever

The newly built 312-unit Citrine apartments near 44th St & Camelback sold for $93.9 million making it the top apartment sale per unit in Valley history. BREW

 

 

Downtown Phoenix development shows need for walkable streets

Downtown Phoenix is experiencing a boom in development. Many of the vacant or sparse patches of the city’s core are filling in with apartment and condo complexes, adding more than 2,000 spaces. AZRE MAGAZINE

 

 

Ducey nixes developer district bill pushed by House Speaker, real estate interests

Arizona Gov. Doug Ducey has vetoed a bill backed by House Speaker David Gowan, R-Sierra Vista, and some real estate developers that would have given them more power to set up special community facilities district to issue bonds and levy special taxes to fund infrastructure and other projects. PHOENIX BUSINESS JOURNAL

 

 

 

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NATIONAL & INTERNATIONAL NEWS

 

 

Institutional Investors Continue to Buy Single-Family Rentals

Home prices have risen sharply in many parts of the country, and bargains are hard to find. However, the largest owners and managers of single-family rental homes continue to improve their property management in markets where they own properties. They also continue to make strategic acquisitions to fill out their portfolios. NATIONAL RE ONLINE

 

 

Strong Profit Growth Keeps Apartments as Favored Property Type

Apartment property performance in 2015 continued to outperform even the strong performance seen in 2014 and 2013, according to the latest financial data collected on thousands of multifamily complexes.
COSTAR NEWS

 

 

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05/13/2016 - 05:00

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