PHOENIX, ARIZ.  – Arizona’s economy is growing at a rate not seen in more than a decade. The state averaged GDP growth of 3.4 percent in 2018 and a 3.2 percent increase is forecast for 2019.

How do those lofty numbers affect the state’s commercial real estate industry?

AZCREW, the leading organization for senior-level executive women in the Metro Phoenix commercial real estate field, will present an economic outlook presented by Kiernan “KC” Conway MAI, CRE, at its March luncheon.

The event is March 19 at the Phoenix Country Club, 2901 N. 7th St.

Conway is a nationally known economist, counselor or real estate, and industry speaker. As Director of Research and Corporate Engagement Alabama Center for Real

Estate, Conway manages the center’s research division. It provides market trends research content and creates new organic and collaborative research initiatives.

He possesses a history of accurately forecasting real estate trends and changing market conditions across the U.S. Conway is also a nationally recognized subject matter expert on commercial real estate matters with specialized expertise in valuation, ports and logistics, housing economics, bank regulation and real estate finance.

AZCREW’s March lunch begins with networking at 11:30 a.m. The program starts at noon. Member registration is $45; non-member pre-registration is $65. Lunch is included. Registration ends March 14. Register here.

Phoenix, AZ– Trammell Crow Company (TCC) announces that Cathy Thuringer has been promoted to Business Unit Leader for the firm’s Phoenix Business Unit, effective March 31, 2019. Previously serving as Principal, Thuringer will assume responsibility for all development and acquisition projects, sourcing new pursuits, finance and overall day-to-day operations of the office. She will also set the strategic direction of the business and oversee the financial, risk management, and human resource functions. She assumes the role from Jim Mahoney, who will continue to serve as a Principal, responsible for exploring new product lines and continuing to pursue development and investment opportunities throughout the Phoenix area.

“Cathy is an accomplished deal maker, developer and mentor who is highly respected amongst her peers, our partners and local municipalities,” said John Stirek, President of TCC’s Western Operations. “I am confident Cathy will continue to lead our Phoenix operations and exceptional team as Jim Mahoney has successfully done, while maintaining our role as a premier developer throughout Phoenix. Jim’s over 40 years in the business and deep knowledge of the industry and the Phoenix area will help us to successfully expand into new product disciplines and position our operations for continued growth.”

A 31-year industry veteran, Thuringer began her career in commercial real estate in 1988 with Trammell Crow Company in Phoenix. Throughout her tenure, she has overseen all aspects of industrial developments throughout central and southern Arizona, totaling more than 6 million square feet, including securing land use and entitlements; design, schedule, and construction oversight; budget management and ongoing financial reporting; oversight of marketing efforts; serving as a liaison with project ownership, municipal authorities and relevant agencies and oversight of related site/project acquisition and disposition activity. She is adept at managing projects ranging from multi-phased business park infrastructure to single and multi-story speculative and build-to-suit office and industrial facilities for corporate customers and institutional investors.

TUCSON, Arizona– HSL Properties (Omar Mireles, President) through its affiliate HSL Bear Canyon Apartments, sold Bear Canyon Apartments at 9055 East Catalina Highway in Tucson for $35.6 Million ($150,000 per unit) to M3 Multifamily Fund of Santa Barbara, CA.

The property was originally platted for condominiums in 1996 with (72) one-bedrooms, (118) two-bedrooms and (48) three-bedroom units, however had been run as an apartment complex since being built and was re-platted by HSL in 2012 as one tax code.

The property was 97% occupied at time of sale.

The 2-story, class A property with 18 buildings is located at the foot of the Santa Catalina Mountains in the eastern submarket of Tucson, within reach of the Park Place Mall, 4th Avenue and provide easy access to nine golf courses and the airport is only 30 minutes away. Floor plans feature all electric kitchens, 9-foot ceilings, large walk-in closets, full size washer and dryer and spacious living areas. In addition to these comforts, the gated community amenities include two resort-style heated pools, a 24-hour fitness center, clubhouse, barbeque areas, covered parking, wood burning fireplaces, extra storage, private enclosed patio or balcony and is a pet friendly community

Art Wadlund and Clint Wadlund of Berkadia in Tucson represented the seller in the transaction.

“The buyer owns other properties in Tucson already and wanted to expand its portfolio here,” said Clint Wadlund. “They like Tucson for their investment portfolio.”

M3 Multifamily, LLC was formed in 2008 by John Mosby and Jon Martin for the purpose of acquiring, renovating and managing existing apartment communities in the United States in order to create cash flow and profits from sale for their investors.

Since then M3 has grown steadily, and currently owns/manages apartment communities in Austin, San Antonio, Nashville, Reno, and Tucson totaling 2,312 units. A majority of these properties are managed through M3’s affiliated property management company, M3 Property Management, Inc.

For more information, Art Wadlund can be reached at 520.299.7200 while Clint Wadlund is at 520.615.1100.

To learn more, login and see RED Comp #6612.

[mepr-show rules=”58038″]Closing date: 2/28/2019. Document #2019-0590476. Property sold with $1,975,000 listed as personal property and sold at a reported 5.03% cap rate. Property was 96.6% occupied.[/mepr-show]