Pete Te Kampe of the Phoenix office of Marcus & Millichap represented buyer and the seller, Woodleaf LLC/Neil Evans of Phoenix, in the negotiations. A recent report by Marcus & Millichap predicts this year's sales "activity will increase as developers and lenders sense the economy has turned the corner in the year's second half."
Researchers also concluded that capital will be "more widely available" for multifamily financing this year in comparison to 2001. Borrowing costs could increase as "treasuries move higher in response to a recovering economy and lenders tighten underwriting standards." This year, there has certainly been no shortage of apartment sales in metro Phoenix. The researchers say it's the most favorable financing climate in two decades.
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