By Wafa Shahid | Cronkite News

PHOENIX – Cronkite News reports Arizona Democrats gathered Saturday to choose the final delegates for the Democratic National Convention, in what one party official said was the largest turnout of would-be delegates she could remember.

“This is most applicants for delegate we’ve ever seen in Arizona, to my knowledge,” said Sheila Healy, executive director of the Arizona Democratic Party. “It’s really exciting so many people want to be part of the process.”

The outcome of that process was never in doubt, as the final number of delegates elected Saturday had to split according to the the popular vote in the March 22 presidential preference election, according to party rules.

In that vote, former Secretary of State Hillary Clinton took 56 percent of the vote to Vermont Sen. Bernie Sanders’ 41 percent.

The 25 delegates elected Saturday were party leaders and elected officials who are pledged to one candidate or the other. Clinton got 14 of those elected Saturday to Sanders’ 11.

Six alternate delegates elected Saturday were split evenly between the two candidates.

That brings the total number of Arizona delegates to the Democratic National Convention to 85, of which 75 are apportioned according to the popular vote. The remaining 10 “super” delegates are party officials who can vote however they like at the convention.

Despite the sometimes heated exchanges between the Clinton and Sanders campaigns in the ongoing primary, the mood at Saturday’s event was more excited than confrontational. But that doesn’t mean Sanders delegates have thrown in the towel.

“I don’t think either Hillary or Bernie will go into Philadelphia with the pledge delegates that are needed,” said Dan O’Neal, a Sanders delegate at the convention. “It will be a contested convention.

“We’re excited. We’re all feeling the Bern here,” O’Neal said.

But while Clinton has not officially locked up the nomination, Sanders chances of getting the 2,383 needed to win are growing increasingly slim. Clinton had 2,240 delegates – more than 500 of them super delegates – as of May 14 to Sanders 1,473, according to the latest estimates from the Associated Press.

State primary elections will continue until June 14. The national convention will be held July 25-28 in Philadelphia.

Healy said one reason she thinks so many party members turned out Saturday is because they don’t want presumptive Republican nominee “Donald Trump to be the president … and we’ve got two really exciting candidates on the Democrat side.”

Arizona party leaders spent much of Saturday’s convention gearing up for the national convention, talking about logistics like hotel accommodations and a breakdown of the convention layout.

“I’m really excited for Philadelphia,” Healy, said, “and I’m excited to work really hard for whoever our Democratic nominee is.”

Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.

Tuesday, the Dow Jones industrial average lost 180.73 points, or 1 per cent, to 17,529.98. The S&P 500 index gave up 19.45 points, or 0.9 per cent, to 2,047.21. The NASDAQ composite pulled back 59.73 points, or 1.3 per cent, to 4,715.73.

U.S. crude rose 59 cents to $48.31 a barrel in New York. Brent crude, used to price international oils, rose 31 cents to $49.28 a barrel in London. Wholesale gasoline rose 3 cents to $1.63 a gallon, heating oil also rose 3 cents to $1.47 a gallon and natural gas rose 2 cents to $2.05 per 1,000 cubic feet.

Prop 123 and 124 Unofficial Results – Low voter turnout was seen across the state on Tuesday. Prop 124 passed with a sizeable margin of 70% to 30% approximately, but Prop 123 ended the night too close to call with only about 7800 votes more in favor. Three counties voted against Prop 123, Pima, Yavapai and Coconino, the rest stayed ahead with yes votes over no’s with early voters and at the polls. A recount will be automatic if the results are within 200 votes, but not expected to happen.

There Could Be a Bubble in These Real Estate Markets “Credit risk is growing in U.S. commercial real estate with some banks exposed to ‘froth’ in the apartment market in New York, Boston, Washington D.C., and San Francisco, a top U.S. banking regulator said on Monday. The Office of the Comptroller of the Currency (OCC), which supervises large national banks, wants lenders to tighten up loan terms to property developers and it recently reissued its guidance on how banks should approach commercial real estate lending.” (Fortune)

Rental Costs Continue to Surge Past Americans’ Incomes “Rent price growth matched the highest since the financial crisis, another indication of the imbalance in the nation’s housing market. In April, rent was 3.7% higher than a year ago, the same 12-month rate of increase for the fifth month in a row, the Labor Department reported as part of the consumer price index report. That’s the highest since before the financial crisis, and it’s much bigger than pay increases.” (MarketWatch)

FBI Accused of Planting Hidden Microphones around Bay Area to Nab Real Estate Investors “Agents from the Federal Bureau of Investigation reportedly planted hidden microphones in and around the San Francisco Bay Area as part of an effort to catch several real estate investors suspected of bid rigging at local foreclosure auctions, according San Francisco’s CBS KPIX 5 and the Daily Caller. Both reports state that between March 2010 and January 2011, the FBI allegedly placed hidden microphones inside light fixtures, at a bus stop and in other locations around an Oakland courthouse without a warrant.” (HousingWire)

Recession Fears are Running Rampant on Wall Street “Wall Street is getting very close to saying the dreaded “r” word — recession. This year has been one of the most pessimistic times on the Street since the onset of the Great Recession in 2008, with analysts releasing a flurry of reports on Monday predicting that markets and economic growth will slow, but stopping short of calling it a recession. Goldman Sachs and JPMorgan released reports that painted a picture of a tightening economy.” (New York Post)

Office Depot Assures Investors Staples, Amazon Won’t Kill It “Office Depot’s (ODP) life after a failed merger with Staples in a office supply world challenged by Amazon will likely require frequent sales jobs by its top execs to concerned investors. The first assurance by Office Depot that the future remains bright came on Monday evening, a few days after a judge blocked a deal that would have merged Staples with its smaller competitor. “Today is not about looking back, but looking forward,” said Office Depot Chairman and CEO Roland Smith to kick off a call with analysts.” (The Street)

Ex-CEO Ron Johnson Says J.C. Penney Should Have Stuck with His Plan “Even though his strategy a few years ago to reinvent J.C. Penney sent the department store chain’s annual sales down $6 billion and caused a major cash crisis, former CEO Ron Johnson maintained on Monday that the retailer would have been better off sticking to his plan. Johnson, previously a star retailer at Apple and Target, was hired by Penney in 2011 to great fanfare, given a mandate by investors like hedge fund titan Bill Ackman to radically overhaul the department store chain.” (Fortune)

The Race for the Wood Skyscraper Starts Here “At a newly renovated plant in Riddle, Ore., workers glue together boards harvested from nearby forests, where Douglas fir has grown for thousands of years, and feed the resulting 10-by-30-foot panels into a pneumatic press. What comes out three hours later, their boss is convinced, is the building material of the future. Proponents of the material, called cross-laminated timber, or CLT, say it can be used to erect buildings that are just as strong and fire-resistant as those made from steel and concrete.” (Bloomberg)

Regulator Subpoenas Apollo Subsidiaries over Low-Income Housing Deals “A handful of companies connected to Apollo Global Management’s real estate business received subpoenas from a New York state regulator as part of an investigation into allegedly predatory low-income home buying schemes. The New York State Department of Financial Services subpoenaed ARM Manager LLC, an Apollo subsidiary, along with a real estate investment trust it oversees, Apollo Residential Mortgage.” (The Real Deal)

How to Begin Investing in Real Estate “It may be a good time to think about adding real estate to an investing portfolio. True believers say there’s nothing like owning a second, third or fourth property. Of course, true believers tend to be those who survived catastrophes like the housing meltdown about a decade ago. Ask those who were hammered and you get another view. One thing is clear: for a beginner, real estate is a different game. The lessons you learned with stocks, bonds and mutual funds aren’t much of a guide.” (U.S. News & World Report)

Barnes & Noble Brings Beauty to More Colleges “The newest concept in beauty retail is called The Glossary and it is arriving on more college campuses courtesy of Barnes & Noble College. The Glossary concept was piloted at the Barnes & Noble Emory University and Southern Methodist University bookstores and more recently expanded to the campuses of Tulane University and the College of William & Mary. The newest location set to open in August will be on the campus of the University of California at Riverside.” (Chain Store Age)

Sale price garners $149,000 per unit at multifamily property consisting of 31 buildings

PHOENIX, AZ – Bascom Arizona Ventures (Bascom Group) completed the $56.7 million sale of the Little Cottonwoods apartment complex, commanding $149,000 per unit.

Little Cottonwoods, built in various phases between 1985 and 1991, is located at 1820 E. Bell De Mar Drive in Tempe and comprises 379 units. Bascom Arizona Ventures purchased the complex in February 2013 for $42.7 million ($112,800 per unit).

Bascom invested $3.8 million in renovations at Little Cottonwoods. Pool upgrades include colored LED lighting, new furniture and a new poolside fire pit. Clubhouse upgrades include contemporary furniture, new fixtures, and new flooring. State-of-the-art equipment was installed in the fitness center.

Interior upgrades were made to half of the units. This included new kitchens, new flooring, two-toned paint, contemporary lighting and plumbing fixtures and finishes, and new hardware. The apartments have washer/dryers and the 2- and 3-bedroom apartments include garages.

MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Little Cottonwoods is one of the multi-family projects for which MEB has provided property management.

“MEB is so proud to be a part of creating value for our partners, clients and investors of Little Cottonwoods,” said Mark Schilling, Executive Vice President and Principal of MEB Management Services. “We are truly grateful to our team members that worked diligently every day to create an incredible community environment for the residents at Little Cottonwoods.”

The buyers were TruAmerica Multifamily and Investcorp.