Phoenix

The state has a dwindling supply of affordable housing stock, but the market's growing construction pipeline is helping to avert the crisis.

The second tranche of the purchase involves an unidentified property that is currently under construction. When the purchase of that property closes, the deal will bring the total five-property portfolio to change hands at 531 units and the total purchase price at $130 million.

After a phenomenal year of leasing activity, retail leasing fell flat at the end of the year.

Hotel occupancy in the Tempe market was up 250,000 rooms in 2018, while hotel room sales were up 12%.

Industrial sales in the market hit $1.8 billion in 2017 for industrial product over 10,000 square feet.

P. B. Bell says that local third-party property management companies are more in-tune with local economic growth, nuances and opportunities.