Middle Market Digest: This Week in Southwest

New development and redevelopment starts had significant activity. The Phoenix market had two multifamily development and redevelopment projects, adding to the tremendous uptick in activity that the market has seen. Southern California also saw good development activity this week, with the start of an office project in Newport Beach and the completion of a housing community in San Diego. In terms of sales activity, Phoenix didn’t show has much activity as it has in the last few weeks, and little was reported from the secondary Southwest markets. Southern California, however, saw tremendous activity, with several trades across property types in Los Angeles and Orange County. Employment activity also saw a boost this month. Several firms made new hire announcements in Southern California and Phoenix markets. Here’s a look at this week’s trends, announcements and deals that you may have missed in Southern California, Utah, Arizona and Nevada.

NEW & NOTABLE LOS ANGELES—Allen Matkins has hired real estate finance partner Marc D. Young to its Los Angeles office. Young has experience in a broad range of complex real estate transactions, and has a particular emphasis on real estate finance, joint ventures, and restructurings. He joins Allen Matkins after serving as the chair of Morrison & Foerster’s global Real Estate Group for over 10 years.

PHOENIX/PRESCOTT, AZ— Bethel Development has hired Rainbow Housing Assistance Corporation as the primary service provider for two new properties in Arizona. In addition to Rainbow’s resident-service partnership with Bethel Development’s Mountain View Senior Apartments announced last month, Rainbow will now provide services for four of the developer’s properties. The two new housing developments—Creekview Village Apartments, a 72-unit family apartment complex located at 519 Miller Valley Road in Prescott, and The Revello, a 76-unit senior living complex located at 1600 West Camelback Road in Phoenix—are under construction and slated to be completed in 2019. Both developments were funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. Upon completion, Rainbow will establish a wide range of onsite services for both communities, which will be provided to residents at no cost.