ABI Multifamily Phoenix Metro 2Q 2015 Multifamily Quarterly Report
ABI Multifamily Phoenix Metro Multifamily 1Q 2015 Quarterly Report
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Transcript of ABI Multifamily Phoenix Metro Multifamily 1Q 2015 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
5.6%
5.6%
5.4%
4.4%
UNEMPLOYMENT RATE
$46,870
$44,256
$48,054
$70,922
MEDIAN INCOME
$101,530
$43,373
$66,133
$68,800*
1Q 2015 AVG PRICE/UNIT (100+)
$44,682
n/a
$42,357
n/a
1Q 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 ESTIMATEESTIMATE FEB 2015
5.5%-0.6%
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
$675M
$86,285
$107.75
1980
$245M
$60,777
$74.29
1972
175%
42%
45%
8 yrs
1Q 2015 1Q 2014INCREASE/DECREASE
New Construction 220 82673%
AV
ER
AG
E
10+ UNIT PROPERTIES
Effective Rent
Vacancy Rate
$765
5.2%
$721
6.1%10 + $44
0.9%
*Denotes a Single Transaction
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
100+ UNIT PROPERTIES
10 - 99 UNIT PROPERTIES
TOP 3 TRANSACTIONS BY PRICE/UNIT (100+)DomusPhoenix, 223 units | $51.55M | $231K/unit | $297.68/sf | Yr. Blt: 2014
IndigoPhoenix, 101 units | $18.1M | $179K/unit | $143.35/sf | Yr. Blt: 2014
Trillium NorthPhoenix, 274 units | $42.49M | $155K/unit | $160.52/sf | Yr. Blt: 2012
1Q 2015 Transactions by Year Built# of Transactions Avg Price/Unit Avg Price/SF
2010+2000-091990-99
1980-89 Pre-1980
3 $188K $1995 $134K $1423 $112K $1168 $65K $898 $40K $64
1Q 2015 Transactions by Year Built# of Transactions Avg Price/Unit Avg Price/SF
2010+2000-091990-99
1980-89 Pre-1980
0 n/a n/a2 $180K $1350 n/a n/a11 $45K $6822 $48K $61
TOP 3 TRANSACTIONS BY PRICE/UNIT (10-99)Dolce Villagio TownhomesTempe, 37 units | $7M | $189K/unit | $132.95/sf | Yr. Blt: 2007
Chester Place LoftsPhoenix, 11 units | $1.65M | $150K/unit | $145.57/sf | Yr. Blt: 2008
Arcadia Park PlacePhoenix, 13 units | $1.3M | $100K/unit | $58.14/sf | Yr. Blt: 1964
22000-09
Transaction=
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
Effective Rent
Vacancy Rate
$619M
$91,494
$113.49
1989
$846
4.5%
$192M
$69,001
$80.71
1987
$789
5.6%
222%
33%
41%
4 yrs
$57
0.9%
1Q 2015 1Q 2014
AV
ER
AG
E
INCREASE/DECREASE
1Q 2015 1Q 2014
Total Sales Volume
Price/Unit
Pr i ce/SF
Year Built
Effective Rent
Vacancy Rate
$56M
$52,952
$69.13
1973
$684
5.9%
$53M
$42,347
$57.56
1967
$653
6.6%
5.7%
25%
20%
6 yrs
$31
0.7%
AV
ER
AG
E
INCREASE/DECREASE
81980-89
8PRE-1
980
3
2010+
5
2000 - 09
31990-
99
NUMBER OF TRANSACTIONS BY YEAR BUILT
11
1980-89
22
PRE-1
980
NUMBER OF TRANSACTIONS BY YEAR BUILT
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 7,900+17.7%, YEAR-OVER-YEAR+31.9%, MONTH-OVER-MONTH
MEDIAN SALES PRICE $200,000+7.0%, YEAR-OVER-YEAR MEDIAN
AVG DAYS ON MARKET 92+9, YEAR-OVER-YEAR-3, MONTH-OVER-MONTH
AVG SALES PRICES $256,500+3.1%, YEAR-OVER-YEAR AVERAGE
FORECLOSURES PENDING 5,662-24.2%, YEAR-OVER-YEAR-0.3%, MONTH-OVER-MONTH
SINGLE FAMILY HOME STATSYEAR-OVER-YEAR / MONTH-OVER-MONTH COMPARISON
$256,500 10,345
26,483
5,662
$200,000
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
P 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 E
U N I T S D E L I V E R E D 1 9 9 5 - P R E S E N T | 1 s t Q U A R T E R 2 0 1 5
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
220*
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
COMPLETED CONSTRUCTION
UNIT COMPLETIONS
CURRENTLY UNDER CONSTRUCTION
PLANNED PROJECTS
PlannedTotal # of Units: 15,947Total # of Properties: 62
Under ConstructionTotal # of Units: 13,321Total # of Properties: 56
* = 1Q 2015 UNITS DELIVERED** = ABI 2015 ESTIMATE
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
Brings total State Farm Phoenix area employment to 3,000+
Home Depot | Plans to hire 1,500 throughout Phoenix Metro
Apple to spend up to $2 billion on global command center in Mesa
IRIS Ohyama, a Japanese manufacturer, expands into Surprise with $40M facility | To bring 100+ jobs to the area
Progressive Leasing | Hiring 500+ employees by end of 2015 | Jobs include: underwriters, collections officers, cust service reps and support
Fry’s is hiring 1,000+ workers across Arizona | Positions include pharmacy techs, managerial positions and all-purpose clerks
Tallwave and Hansji Corp. launch High Tide @ Luhrs City Center | Tech incubator which provdes accepted start-ups with rent free office space
Revana, Tempe-based tech firm which specializes in sales software to expand | 250 jobs at Tempe HQ
APAC adding 1,100 jobs, 700 in Southern Arizona and 400 in Phoenix, to expand call center solutions platform
Western Maricopa Education Center breaks ground on Buckeye campus to house up to 650 students with plans to expand to Surprise
Orion Health, a population health management firm, expands data offerings | To hire up to 200
PHOENIX OFFICE | 4715 N 32ND STREET, STE. 105, PHOENIX, AZ 85018 | P: 602.714.1400 | ABIMULTIFAMILY.COM
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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
AVENUE 25 APARTMENTS18250 N 25th Avenue, Phoenix, AZ
Price: $35,400,000Units: 254Year Built: 2014
HAWTHORNE CONDOMINIUS3848 North 3rd Avenue, Phoenix, AZ
Price: $19,110,000Units: 182Year Built: 1996
DOLCE VILLAGIO TOWNHOMES202 South Hardy Drive, Tempe, AZ
Price: $7,000,000Units: 37Year Built: 2007
CHESTER PLACE LOFTS842 North 6th Avenue, Phoenix, AZ
Price: $1,650,000Units: 11Year Built: 2008
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