Broadstone Uptown, 500 West Camelback Rd, Phoenix, AZ

PHOENIX  (April 17, 2025) – CBRE negotiated the sale of Broadstone Uptown PHX, a 280-unit luxury multifamily community in Phoenix, Ariz. CBRE’s Austin Groen, Matt Pesch, Asher Gunter and Sean Cunningham represented the seller, Alliance Residential Company. Phoenix-based Christiansen Ventures LLC acquired the community for $87 million. Troy Tegeler and CJ Connolly with CBRE’s Debt & Structured Finance team, arranged financing for the buyer.

“Alliance consistently delivers best-in-class apartments and Broadstone Uptown PHX is one of the finest communities in the submarket,” said CBRE’s Groen. “Broadstone Uptown’s impressive lease-up is a testament to the phenomenal execution by Alliance in one of the most dynamic corridors in Metro Phoenix.”

Completed by Alliance Residential in 2024, Broadstone Uptown PHX amenities include a resort-style swimming pool and spa area with private cabanas and a pool house featuring a community kitchen and billiards table. The resident clubhouse includes a cafe with lounge seating, a complimentary coffee bar, and a leasing office. A 24-hour, club-style fitness center has state-of-the-art weight training and cardio machines. Additional amenities include an outdoor ramada with 360-degree mister, ping-pong, firepits, yard games, barbecue grills, a dog park, electric charging stations, and parcel package lockers.

Since its founding in 2000, Alliance Residential Company, headquartered in Scottsdale, has built or acquired more than 115,000 units nationwide, representing over $23 billion in invested capital.

“Alliance is proud of Broadstone Uptown PHX,” said Ian Swiergol, Managing Director of Alliance Residential’s Southwest Region. “Our Broadstone design, amenities, and interior finishes provide unparalleled luxury living in Phoenix’s booming Uptown submarket.”

The community’s unit interiors feature nine-foot ceilings, quartz countertops in the kitchen and baths with under-mount sinks and designer fixtures, wood-style flooring, full-size washer and dryer, illuminated vanity mirrors, ceiling fans with light kits, and keyless entry. Gourmet kitchens have energy-efficient stainless-steel appliances, a five-burner gas cooktop, pendant lighting, modern two-toned cabinetry with matte black hardware, and custom tile backsplash. Additional luxury amenities in select units include slide-out recycle and trash receptacles, desk nooks and mudroom entry, spacious walk-in closets, double sink vanities, Slate appliances, wine fridges, Sonos sound system, and 10-foot ceilings on the top level.

“Alliance Residential’s reputation for delivering top-of-market multifamily communities is among the best in the country, and we were exceptionally attracted to Broadstone Uptown’s unique appeal and outstanding lease-up performance,” said Christiansen Ventures CEO Michael Christiansen. “The community’s distinct design and ideal location are surrounded by abundant retail amenities and high-wage employment positions, Broadstone Uptown, for continued success.”

Broadstone Uptown is located in the heart of the Uptown submarket within walking distance of dozens of restaurants, nightlife destinations, and the iconic Uptown Plaza shopping center. A light rail station is steps from the community’s front door, and affluent neighborhoods north of Broadstone Uptown are lined with multi-million-dollar homes.

TUCSON, AZ (April 17, 2025) — Tucson’s multifamily market slowed incrementally in Q1 2025, with the average vacancy rate rising to 8.81%, up 0.58% from a year ago. Average sale prices reached $164,338 per unit and $189.09 per sqft, reflecting YOY increases of 91.74% and 83.66%. Market performance in 2025 is expected to mirror 2024’s closely. While larger investment activity was limited, with only one recorded sale of a 136-unit property, nine midsize assets (5–100 units) transacted during the quarter, with properties offering seller financing attracting significantly higher demand and pricing. These deals often lead to multiple competing offers when taken out to market. Value-add opportunities continued to generate stronger interest than turn-key assets, a trend expected to remain consistent through year-end.

Most submarkets experienced rent decreases in Q1 2025, with Northeast Tucson the exception (increasing $14 per month). Catalina Foothills recorded the lowest vacancy rate with 6.98%, while South Central Tucson (-0.31%) and North Central Tucson (-0.14%) saw the most improvement. The average monthly gross rent dropped by $24 from last quarter and $28 YOY to $1,154 per unit. This has been the largest dip since Q3 of 2022. Concessions rose to $38 per unit, up $6 from last quarter and $20 YOY, up from both last quarter and the previous year, signaling ongoing pressure on landlords to compete for tenants.

“The lending market continues to deal with interest rate volatility as treasuries continue their roller-coaster ride. Freddie Mac and Fannie Mae continue to lend despite the uncertainty and are the preeminent leader for conventional multifamily loans (stabilized assets with loan sizes over $5 million), with pricing today as competitive at 135 150 bps over the into UST for the right deals. Debt funds and banks will be active in asset and but the rate uncertainty will cause lenders to be more conservative and focused on sponsor strength. For private capital deals Freddie Mac’s SBL program is currently pricing deals in the 6.25% – 6.50% range, and we have seen non-bank balance sheet lenders offer competitive pricing and sizing off interest-only DSCR metrics to help stretch proceeds and compete with the agencies. Expected Fed cuts in 2025 may soften multifamily rates slightly, but expect lender spreads to widen in the event that treasuries decrease for as long as the uncertainty in the market persists.” (Kevin Prouty, 520-323-5120 Debt & Finance)

The Tucson Multifamily market outlook for the remainder of 2025 is in flux. We expect closed transactions and sale comps coming out at cap rates near 7% on a conservative proforma, a sizable increase over 2024. Financing challenges will continue throughout the year as economic uncertainty continues. Federal tariffs and the correlated volatility in the stock market may be good for real estate, as investors look to put capital into a more stable asset. Transaction volume will remain low in the 100+ unit institutional sales market due to the drastic delta between interest rates and seller-acceptable cap rates. The rental market has rebounded slightly, with less time on the market, and concessions must be offered to fill vacancies. Property owners with little to no debt on their assets are seeing success by offering seller financing to buyers. Offering this to the market increases the property’s value and generates triple the investor interest.

Read the full report here.

PIMA COUNTY, (April 17, 2025)— The Pima County Board of Supervisors on Tuesday voted 4-0 to approve a resolution to allocate $2.56 million in federal Community Development Block Grants and an additional $234,000 of Emergency Solutions Grants for the 2025-26 fiscal year. 

The Board approved the submission of the Pima County 2025-2026 Annual Action Plan and the Pima County Consortium Fiscal Year 2025-2029 HUD Consolidated Plan to the U.S. Department of Housing and Urban Development (HUD). 

The Community Development and Emergency Solutions grants are funded by HUD. The Pima County Community & Workforce Development Department administers the grants, which are designed to benefit low-income individuals, people experiencing homelessness, and residents with special needs in Pima County. 

The community development grants support everything from housing rehabilitation in Ajo to public facility improvements in Amado and from assistance services in Green Valley to crime prevention efforts in South Tucson.  

The Emergency Solutions Grants will fund emergency shelters for families and prevent homelessness.  

“These federal funds are especially vital for rural communities that often lack the infrastructure and resources of urban areas,” said Dan Sullivan, Director of the Community & Workforce Development Department. “These investments make it possible to repair homes, improve local facilities, and provide emergency shelter — services that directly improve the quality of life for our most vulnerable neighbors.” 

Pima County received 57 applications requesting $4,735,980 in funding for the Community Development and Emergency Solutions grants, with about 60 percent of the requested amount ultimately being included in the plan. In order to use the federal funds, the County must prepare and submit to HUD an Annual Action Plan that describes allocations and activities that address community needs. 

Among the programs receiving funds as part of the County’s $2,567,968 Community Development Block Grant plan are the Sahuarita Food Bank and Community Resource Center ($160,000), the Southwest Fair Housing Council ($25,000), YWCA of Southern Arizona ($142,335) and Habitat for Humanity Tucson ($80,000). 

Among the recipients of the $234,278 in planned Emergency Solutions Grants are Emerge Center Against Domestic Abuse ($45,000), the Primavera Foundation ($70,000) and Family Housing Resources ($23,342). 

A complete list of grant recipients can be found online. 

The County’s plans outline the needs, priorities, target areas, and strategies for housing, social services, and community development programs. The Annual Action Plan serves as Pima County’s application for annual HUD entitlement funding.