Phoenix started as a value-add market, and while there are still plenty of value-add opportunities, core investors are also finding strong deals.

Comerica Bank, based in Dallas, and Colony Credit Real Estate, which is located in Los Angeles, are providing the construction financing for the Jefferson Vista Canyon development.

The Station will feature approximately 400,000 square feet of commercial and retail space, more than 600 apartment homes as well as more than 250 single-family homes that are to be built by Ashton Woods and K. Hovnanian Homes.

The New York City-based REIT's deal for the 138,779 square-foot shopping center marks its entry into the DC retail market. Eastgate is anchored by a 56,526-square-foot Giant Food supermarket.