Tucson rents increase sharply over the past month

Apartment List is reporting Tucson rents have increased 0.8% over the past month, and have increased sharply by 6.3% in comparison to the same time last year. Currently, median rents in Tucson stand at $813 for a one-bedroom apartment and $1,086 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in March. Tucson’s year-over-year rent growth leads the state average of 4.4%, as well as the national average of -1.3%.

PHOENIX, ARIZONA – NAI Horizon represented Gilbert Growth Properties LLC (Park Corporation), headquartered in Cleveland, Ohio, in the disposition sale of 8.61 acres of land at Val Vista Square in Gilbert, Arizona, to Crescent Communities, LLC.

Val Vista Square is a large, mixed-use commercial land development located at the SEC of Val Vista Drive and Pecos Road, just north of the Loop 202 in Gilbert. NAI Horizon Senior Vice President Lane Neville and Associate Logan Crum represented the seller in the $7.5 million transaction.

The new development is for a high-density, luxury apartment project. The buyer, CC Val Vista, LLC (Crescent Communities) of Charlotte, North Carolina, is a nationally recognized developer. The new, 317-unit multi-family community is called NOVEL Val Vista.

“NAI Horizon is thrilled to be part of such a significant land transaction,” Lane Neville said. “Crescent Communities is top tier and will be building one of the finest luxury apartment properties in the entire Southeast Valley. The addition of this high-end residential component is a critical milestone for our overall commercial mixed-use project. This deal is such a nice addition to Val Vista Square and complements thesoon-to-be grand opening of ALDI Grocery Store located adjacent to the NOVEL community.”

“We are thrilled to begin our work on NOVEL Val Vista and look forward to breaking ground in early 2021,” said Ken Keefe, Director of Development for Crescent Communities. “The community will feature a variety of amenity-rich offerings suited to the residents of the growing Phoenix market, including top-of-the-line finishes, a spacious and refined clubhouse, a luxury pool, sky lounge, fitness center and more.”

For the seller, selecting the right residential developer was the key to bringing the multifamily dimension to the overall project.

“We first selected Crescent Communities based on their stellar long-standing reputation to create high-quality, high-density apartment living throughout the country,” said Park Corporation representative Morgan Neville. “As we began our work to complete the land sale, we knew immediately we had picked the right group. Their entire team was creative, responsive and proactive through the entitlement and design process.

“This was really important given that this is the first multi-family project in the Town of Gilbert to be approved and developed in their newly created multi-family, high density zoning district; and will set the bar for future urban style developments.”

Morgan Neville added the process was more challenging than usual given the unprecedented and difficult COVID-19 environment.

PHOENIX, ARIZ. – Nine Arizona commercial real estate professionals recently earned the prestigious Certified Commercial Investment Member (CCIM) designation by the CCIM Institute.

In August, the Central Arizona CCIM Chapter welcomed two designees, Perry Gabuzzi, CCIM, The Plaza Companies; and Adam Lam, CCIM, Sperry Commercial Global Affiliates, Insignia CRE.

In November, Phoenix hosted the testing for 11 new CCIM designees, including seven from Arizona. Also in attendance were a tester each from Washington, Texas, New Mexico and Nebraska.

• Central Arizona CCIM Chapter designees: Jim Gilligan, CCIM, Kinsale Property Group; Bettina Hunt, CCIM, Healthcare Trust of America; Scott Rubin, CCIM, The Plaza Companies; Randy Shuffler, CCIM, Realty One Group
• Mountain Desert (Lake Havasu City); and Carter Wilson, CCIM, DAUM Commercial Real Estate.
• Southern Arizona CCIM Chapter designees: Cody McGuire, CCIM, National Bank of Arizona; and Jullian Willetts, CCIM, ReMax Excalibur Commercial.

“Proctoring the fall exam for the CCIM Institute was the pinnacle of my year as chapter president. It was a long exam and the group remained strong and vigilant during the 6 hours allotted for testing,” said Central Arizona CCIM Chapter President Marina Hammersmith, CCIM, ORION Investment Real Estate.

“With the COVID protocols and this smaller intimate testing venue, I had the privilege of personally relaying the good news that each tester had succeeded and the CCIM designation was theirs. We couldn’t be prouder of this group of new designees,” Hammersmith said.

To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis, and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.

“The CCIM Institute has gone to great lengths to adapt to a difficult year due to COVID-19. By providing 10 different remote exam locations, including the one that just took place in Chandler, was a great example of how CCIM was able to make last-minute accommodations to give these candidates who have worked so hard to get here the opportunity to earn their designation this year,” said Region 2 Vice President Craig Finfrock, CCIM, Commercial Retail Advisors in Tucson.

“The Central Arizona CCIM Chapter really made this easy with all of their assistance making this happen. Being a part of this process is the best part about participating as a member of the Designation Committee at the CCIM Institute. For those individuals who earned their designation, this will easily be one of the most memorable and joyous days of their professional lives.”