JLL’s Capital Markets experts have arranged the sale and financing of a portfolio of six metro Phoenix apartment communities on behalf of a fund managed by DRA Advisors LLC of New York City and their joint-venture partner, Dallas-based Milestone Group. The buyer was a leading global institutional investor. DRA first bought the 1,751-unit portfolio in 2012.
We are proud to recognize these outstanding professionals for their commitment to developing enduring client relationships built on excellent service, collaboration and trust. Their collaborative efforts to make sure their clients achieved their goals are truly a representation of our culture at JLL.
The significant decline of transactions in primary markets has sustained strong liquidity in secondary and even tertiary markets. As a result, secondary markets comprised 44.6 percent of total multifamily transaction volumes at midyear, a record for this indicator if analyzing the past nearly two decades. Phoenix and Denver led… Read More
As multifamily rent growth begins to slow among the nation’s biggest markets, a few markets are maintaining their strong performance and driving positive trends over the forecast horizon. Phoenix is one such market in the West region that is expected to outperform due… Read More
The following are highlights from JLL’s recently published Q3 U.S. Homeownership Trends report.
Homeownership inches up to 63.7 percent in the third quarter
- This figure is 30 bps higher quarter-on-quarter; 70 bps lower year-on-year
- Homeownership rates across geographies have fallen by 30 bps or more in the past year, led by a … Read More
$16.2 million purchase underscores demand, continued upside of Phoenix apartments
Capital Markets experts in the Phoenix office of JLL have completed the $16.2 million ($180,000 per unit) sale of Cobalt on 32nd Street, a case study for Phoenix’s stalled-to-stable multifamily recovery and a sign of continued investor appetite for the market’s upside potential.
JLL’s Executive Vice President John Cunningham and Vice President Charles Steele represented the property… Read More
Simpson Housing, LLLP purchases Jefferson on Legacy
Highly amenitized multifamily opportunities continue to garner top billing among developers and investors. In an off-market deal, Simpson Housing, LLLP purchased Jefferson on Legacy, a 322-unit multifamily property located in Scottsdale, Arizona. JLL’s Capital Markets experts brought the new buyers to the table after securing… Read More
Best-in-class project and improving market fundamentals combine to fetch more than $345,000 per unit
A highly amenitized, core-plus luxury development combined with a reinvigorated institutional investor market this week to achieve the highest per-unit multifamily sale price in the history of metro Las Vegas. On behalf of Goodman Real Estate, JLL’s Capital Markets experts today announced the $39 million sale of Vantage Luxury Flats… Read More
NOTE: The following article featuring Charles Steele, JLL’s Vice President – Multifamily, originally appeared in BisNow.
There may be up to 5,000 multifamily units in Phoenix’s hopper this year, but it’s no cause for panic. Fundamentals certainly support the new construction,… Read More
In a recent article published by the Arizona Republic, Jones Lang LaSalle’s Phoenix multifamily expert, John Cunningham, discussed the recent sale of Main Street Lofts… Read More