Middle Market Digest: This Week in Southwest

Developers had several groundbreaking announcements to make this week. CIA Investments broke ground on The Westin Tempe, a 290-room hotel in Tempe, AZ. C.W. Driver completed the $63 million Alton and Lydia Lim Center for Science, Technology and Health at Biola University in La Mirada; and Snyder Langston has started construction on an affordable housing development on Skid Row. The new developments—which span across asset classes—are a good sign of the activity in the Southwest Market. Phoenix continues to see growth, this week illustrated by a report showing a 6.8% increase in apartment rental rates last year. Likewise, several deals in the market continue to pin Phoenix as one of the emerging markets in the Southwest. But, it isn’t the only one. Here’s a look at this week’s trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

BY THE NUMBERS

PHOENIX—Rental rates are on the rise in the Greater Phoenix multifamily