Phoenix

Housing Trust Group is breaking leasing records with its new $63 million apartment development Aviva in Phoenix, illustrating a pent-up demand for urban-style living in the market.

Canadian investors have long been active in the Phoenix market, but market growth is attracting new foreign capital players to the market.

The portfolio consists of 461 rooms and will be managed by RHG. With the acquisition of the portfolio, Real Hospitality Group increases its portfolio of owned and managed assets to 105 hotels in 16 states.

In the second quarter, multifamily pricing increased to an average of $164,000 per unit, compared to $100,000 per unit average in 2017.

The 1.9 million square foot office tower under construction in Tempe is going to be a game changer for the market.

Owners are responding to the deep capital chasing deals in Phoenix by bringing whole portfolio sales to the market.

Office sales climb 40% and industrial sales up 12% over the first quarter as market fundamentals continue to improve.

The latest transactions involve the company's entrance into the Phoenix market and enhancing its presence in San Diego and the nation's capital.