Real Estate Deals Ring Encouraging Bells in Q2
- Jul 29, 2011
The multifamily sector has ensured Phoenix’s real estate maintains an encouraging profile as figures for Q2 of 2011 outpace those of the first quarter. According to the Phoenix Business Journal, sales that had multifamily as the object of transaction have totaled an impressive $392 million. The 45 transactions that gathered this total amount clearly beat Q1’s 41 such moves that ended up bringing in $225 million.
The largest of the 45 swipes was that for the 724-unit Trillium Pinnacle Peak at 24250 N. 23rd Ave., which sold for a total of $76 million. It comes in at a median value of $104,972 per unit, that same publication pointed out. However, the per-unit value of the transaction could not overshadow that for Tempe’s 1111 E. Apache Boulevard, a 111-unit complex that traded for approximately $133,000. Also in the hall of fame of transactions for Q2, the 414-unit Station on Central, formerly Empirian on Central, traded for a hefty $36.5 million. The amount of cash moved around during past months bodes well for the greater Phoenix area, Q2 being slated as the strongest time for multifamily since 2007, according to Rue Bax, a vice president with Multifamily Investment quoted by PBJ.
Another point of serious growth for Phoenix real estate during past months has been the retail market. Retail real estate investment sales have climbed according to an Orion Investment Real Estate Solutions report referenced by The Phoenix Business Journal. The second quarter of 2011 made the jump from 23 sales totaling $104.6 million during Q1, and a gigantic leap if compared to Q2 of 2010, garnering 25 transactions that have collectively moved $131.4 million. The largest cash-splash of the second quarter was recorded for the Tatum Point Shopping Center at 4727 E. Bell Road. The property traded hands for the total amount of $30 million.