ABI Multifamily Phoenix Metro 2Q 2015 Multifamily Quarterly Report
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Transcript of ABI Multifamily Phoenix Metro 2Q 2015 Multifamily Quarterly Report
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
©
Phoenix
Glendale
Mesa
Scottsdale
PHOENIX MSA QUICK STATS
4.8%
4.7%
4.5%
3.7%
UNEMPLOYMENT RATE
$46,870
$44,256
$48,054
$70,922
MEDIAN INCOME
$80,201
$41,821
$90,279
$147,532
2Q 2015 AVG PRICE/UNIT (100+)
$60,382
$54,048
$48,243
$103,241
2Q 2015 AVG PRICE/UNIT (10 - 99)
POPULATIONADOA, EBRC ESTIMATE
4,404,888+1.5%GROWTH
MEDIAN HH INCOMEABI RESEARCH ESTIMATEYEARLY MEDIAN INCOME
$55,250
UNEMPLOYMENTBLS, EBRC ESTIMATE - JUNE 2015,
DECREASE 0.8% FROM YEAR AGO
5.4%-0.8%
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
$621M
$75,747
$98.98
1979
$598M
$62,108
$79.80
1975
3.8%
22%
24%
4 yrs
2Q 2015 2Q 2014INCREASE/DECREASE
New Construction 1,439 94353%
AV
ER
AG
E
10+ UNIT PROPERTIES
Effective Rent
Vacancy Rate
$788
4.6%
$731
5.9%10 + $57
1.3%
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
14
1980-89
32
PRE-1
980
100+ UNIT PROPERTIES
10 - 99 UNIT PROPERTIES
TOP 3 TRANSACTIONS BY PRICE/UNIT (100+)44 MonroePhoenix, 184 units | $50.65M | $275K/unit | $200.73/sf | Yr. Blt: 2008
SkySongScottsdale, 325 units | $67.5M | $208K/unit | $213.73/sf | Yr. Blt: 2014
Cactus Forty-2 Phoenix, 200 units | $36M | $180K/unit | $232.17/sf | Yr. Blt: 2014
2Q 2015 Transactions by Year Built# of Transactions Avg Price/Unit Avg Price/SF
2010+2000-091990-99
1980-89 Pre-1980
2 $197K $2206 $147K $1440 n/a n/a14 $63K $876 $54K $88
2Q 2015 Transactions by Year Built# of Transactions Avg Price/Unit Avg Price/SF
2010+2000-091990-99
1980-89 Pre-1980
1 $183K $1320 n/a n/a0 n/a n/a14 $53K $7332 $58K $80
TOP 3 TRANSACTIONS BY PRICE/UNIT (10-99)Valencia TownhomesPhoenix, 36 units | $6.59M | $183K/unit | $132.11/sf | Yr. Blt: 2010
Oasis TwentyPhoenix, 19 units | $2.1M | $111K/unit | $143.99/sf | Yr. Blt: 1960
Scottsdale TownhouseScottsdale, 27 units | $2.8M | $103K/unit | $107.42/sf | Yr. Blt: 1973
12010+
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
Effective Rent
Vacancy Rate
$517M
$92,113
$117.47
1988
$868
4.2%
$529M
$69,025
$92.90
1988
$804
5.6%
2.3%
33%
26%
$64
1.4%
2Q 2015 2Q 2014
AV
ER
AG
E
INCREASE/DECREASE
2Q 2015 2Q 2014
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
Effective Rent
Vacancy Rate
$104M
$59,347
$80.43
1970
$707
4.9%
$68M
$55,191
$66.20
1970
$658
6.2%
53%
7.5%
21%
$49
1.3%
AV
ER
AG
E
INCREASE/DECREASE
2
2010+
6
2000 - 09
14
1980-89
6
PR
E-1980
NUMBER OF TRANSACTIONS BY YEAR BUILT
NUMBER OF TRANSACTIONS BY YEAR BUILT
NO CHANGE
NO CHANGE
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
SINGLE FAMILY RESIDENTIAL
NEW INVENTORYMEDIAN AND AVG SALES PRICE
TOTAL INVENTORYFORECLOSURES PENDING
MONTHLY SALES 8,674+20.2%, YEAR-OVER-YEAR+4.3%, MONTH-OVER-MONTH
MEDIAN SALES PRICE $214,900+10.2%, YEAR-OVER-YEAR MEDIAN
AVG DAYS ON MARKET 78-4, YEAR-OVER-YEAR-3, MONTH-OVER-MONTH
AVG SALES PRICES $271,000+5.8%, YEAR-OVER-YEAR AVERAGE
FORECLOSURES PENDING 5,048-22.1%, YEAR-OVER-YEAR-6.1%, MONTH-OVER-MONTH
SINGLE FAMILY HOME STATSYEAR-OVER-YEAR / MONTH-OVER-MONTH COMPARISON
$271,000 9,120
23,337
5,048
$214,900
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
PlannedTotal # of Units: 15,475
Total # of Properties: 61
Under ConstructionTotal # of Units: 13,244
Total # of Properties: 58
4,692
6,375 6,294
8,533
6,385
7,261
8,644
7,663
3,281
5,431
3,683
2,751
6,902
5,003
9,315
2,593
615
1,668
3,569
4,527
2,054*
8,500**
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Average: 5,019
** = ABI 2015 ESTIMATE
* = 1Q/2Q 2015 UNITS DELIVEREDP H O E N I X M U L T I F A M I L Y C O N S T R U C T I O N P I P E L I N EU N I T S D E L I V E R E D 1 9 9 5 - P R E S E N T | 2 N D Q U A R T E R 2 0 1 5
COMPLETED CONSTRUCTION
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
PHOENIX MSA EMPLOYMENT AND SELECT NEWS ARTICLESPHOENIX MSA EMPLOYMENT AND SELECT NEWS ARTICLES
Northern Trust | Opening $95M regional operations center in Tempe | Hiring 1,000
Microsoft to move data operations center to Phoenix Metro
ASU Law School breaks ground on Dowtown Phoenix location | $129 million | 11,500+ students in downtown Phoenix
GCU continues massive campus expansion | 3,000+ employees and 14,000+ students expected by 2020
General Motors | Hiring 1,000+ IT Professionals, 500 by end of 2014 and another 500 by 2016
State Farm Regional Headquarters: Brings total State Farm Phoenix area employment to 3,000+
Zenefits | Fast-growing human resources technology firm | Hiring 700 for Tempe office by end of 2015
Apple to spend up to $2 billion on global command center in Mesa
Groupon | Opening Sales Office at SkySong in Scottsdale | Plans to hire 150+
PayPal | Expanding footprint in Chandler, AZ | Plans to hire 150 by the end of the year
ASU unveils urban lakefront plan for Atheletics District | Catellus, developer, projects 20 year timeline: 7M SF of office, 2,500+ residential units and 250,000sf of retail
Mayo Clinic set to open $180M cancer-fighting center in March 2016
CreditRepair.com opertor, Progrexion, leases entire 62,000sf building near Peoria Ave & I-17 | Plans to hire 450
Metro Valley Light Rail Test Train Arrives in Mesa
Metromile | San Francicso-based insurance company opens office in Tempe, plans to hire 130+
Phoenix City Council agrees to ASU, Nantworks Biomedical Project - to compliment Downtown Phoenix Biomedical Campus
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
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OVER 100 YEARS OF COMBINED MULTIFAMILY BROKERAGE EXPERIENCESEASONED ADVISORS WITH REGIONAL INSIGHT
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DISCLAIMER (C) 2015 ABI Multifamily | The information and details contained herein have been obtained from third-party sources believed to be reliable; however, ABI Multifamily has not independently verified its accuracy. ABI Multifamily makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. SOURCES: ABI Research / ADOA / Bureau of Labor Statistics / Census Bureau / EBRC / HUD / Pierce-Eislen / US Chamber of Commerce / Vizzda / ARMLS
100+ UNIT PROPERTIES 10-99 UNIT PROPERTIES
NOTABLE RECENT ABI MULTIFAMILY TRANSACTIONS
MORNINGSIDE APARTMENTS10455 East Via Linda, Scottsdale, AZ
Price: $28,000,000Units: 160Year Built: 1989
PALM VALLEY APARTMENTS1891 North Litchfield Road, Goodyear, AZ
Price: $27,200,000Units: 264Year Built: 1997/98
SONORAN RIDGE APARTMENTS1205 East Apache Boulevard, Tempe, AZ
Price: $7,300,000Units: 78Year Built: 1985
POWER APARTMENTS845 North 3rd Avenue, Phoenix, AZ
Price: $1,165,000Units: 12Year Built: 1914
Apartment Brokerage & Advisory FirmABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.
The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions.
PHOENIX HEADQUARTERS ALON SHNITZER SENIOR MANAGING PARTNER
RUE BAX SENIOR MANAGING PARTNER
JOHN KOBIEROWSKI SENIOR MANAGING PARTNER
EDDIE CHANG PARTNER TERRY KASS SENIOR VICE PRESIDENTDOUG LAZOVICK PARTNER
JOHN KLOCEK VICE PRESIDENT PATRICK BURCH VICE PRESIDENTMARK SKELPSA SENIOR VICE PRESIDENT