phoenix

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THE PIPELINE
Colliers International
2390 E. Camelback Road, , Suite 100
Phoenix, Arizona 85016
602.222.5000 - Tel
602.222.5001 - Fax
www.collierscooketeam.com
Research Associate
T- 602.222.5010
alex.sampson@colliers.com
Alex Sampson
Investment Analyst
T- 602.222.5180
dwight.fujimoto@colliers.com
Dwight Fujimoto
Marketing Associate
T- 602.222.5076
carrie.burton@colliers.com
Carrie Burton
Vice President
T- 602.222.5088
brad.cooke@colliers.com
Brad Cooke
COOKE MULTIFAMILY INVESTMENTS
FIRST HALF 2012
Multi-Family Construction
Following a three-year hiatus, multifamily developers are returning to the Phoenix
market. Currently, 12 projects totaling 3,120 units are under construction, after
fewer than 1,200 units were delivered since 2010.
While construction of new units is accelerating, the development pipeline is not
nearly as full as it has been in previous periods. From 2000-2009, an average of
nearly 5,700 units were delivered annually. The smallest one-year total during
this period was more than 3,700 units.
The city of Phoenix is home to both the greatest number of projects and the most
units currently under construction. The properties under way include a mix of
both infill development as well as projects in further outlying areas, most notably
in the Deer Valley area.
The Southeast Valley is also attracting new projects, as builders move to position
themselves in the path of future household formation and long-term employment
growth. Projects in the East Valley cities of Chandler, Gilbert and Tempe currently
under construction total approximately 1,500 units. Construction of new projects
will accelerate in the coming years, particularly as the economy strengthens and
employment gains intensify.
Due to consistent multifamily fundamentals we are seeing in the Phoenix market
permitting activity has returned, supporting a forecast for future development. In
2010 and 2011 we have seen increased permitting activity in strong submarkets
that have seen no properties delivered over the last couple of years. This trend
has continued in the first few months of this year. While these are promising
numbers and show a trend back to a healthy market, they are well below the
Phoenix historical average.
Multifamily permitting activity is forecast to reach 4,500 units in 2012 and 6,800
units in 2013. At the height of the market, annual permitting activity ranged from
8,000 to 10,000 units.
Outlook: Deliveries of new projects will likely increase inventory levels by fewer
than 1,000 units in 2012. With vacancy having averaged in the single digits for
more than a year and currently at a five-year low, it is an excellent time for
builders to be encouraged, particularly as rents creep higher.
Executive Vice President
T- 602.222.5039
cindy.cooke@colliers.com
Cindy Cooke
GREATER PHOENIX
Meet The Team
Our team’s consultative approach to commercial real estate consists of
developing and executing strategies that are both consistent with our clients’
objectives as well as feasible in the current market environment. We offer a
range of services on a national basis enabling our clients to make informed and
timely decisions. Dedication, personal service, & commitment are just a few of
the many attributes we practice. Each client is unique and receives the seniorlevel attention required to fully understand their specific issues and objectives.
We pride ourselves on making the clients’ needs our number one priority. We
always go the extra mile.
Since 2006, our team has sold over 27,000 units in multifamily communities
nationwide equating to over $2 billion in value. In June 2007, we closed a
$427.5 million, 5,172 unit, 12-property portfolio; the largest multifamily
transaction in Arizona history.
From Top Left Clockwise:
Dwight Fujimoto, Alex Sampson, Brian Whitney, Carol DiPaola, Brad Cooke, Cindy Cooke and Carrie Burton
With more than 40 years combined experience in multifamily investments, the Cooke Team
is singularly focused on helping clients achieve their strategic objectives
One Stop Solution - single point of contact for multiple markets
The Cooke Team’s partners includes professionals in Washington, Nevada, California and
Colorado
Their dynamic team approaches each project with advanced strategies andcreative solutions
that put your interests first
Their collaborative relationships with Colliers’ professionals locally, regionally, nationally and
globally provide an extensive platform to market properties
They utilize an in-depth, hands-on approach with each client and property to ensure a
seamless transaction
Cindy Cooke serves as primary leader of our team. She has over 28 years of
experience in the multifamily industry giving her insight into the “hidden
value” of assets and the ability to convey these values to prospective investors.
Her sense of timing in the market and how to position a property for sale is
among the most respected in the industry.
Working with Cindy are Brad Cooke, Carrie Burton, Dwight Fujimoto, Alex
Sampson, Carol DiPaola, and Brian Whitney each providing different skill
sets. Together we form a dynamic team and service critical for working in
today’s challenging market. Our broad industry knowledge, specialized
transactional experience and in depth understanding combine to achieve
results that consistently exceed our clients’ expectations.
Our team is backed by highly reliable and efficient support: Research &
Mapping, Valuation & Advisory for appraisal services and Cohen Financial
for loans are all located in the Colliers Phoenix office. This enables our team
to have hands-on knowledge and face-to-face communication on all projects
from start to finish. Each “deal” is a by-product of our ultimate goal, which is to
positively impact the companies we advise through our ongoing commitment
of human resources.
They have a 97 percent closing ratio on all listings
Our marketing program is strategic in nature with appropriate media
90 percent of our business is repeat clients and referrals resulting from successful closings
expedite the negotiation process, complete the due diligence process, and
ensure a timely closing.
Extensive experience in large transactions - over $820 million (over 14,200 units)
employed. Our comprehensive methods ensure broad-based exposure to
prospective investors, the brokerage community and the Colliers International
organization at large. We commit all necessary resources to qualify prospects,
Experienced in multifamily portfolios, student housing, land, bonds and tax credit transactions
ive r
d
Scottsdale
749
Phoenix
Phoenix
Scottsdale
Scottsdale
Phoenix
Scottsdale
Avondale
Tolleson
Tempe
Ahwatukee
Chandler
Tempe
728
698
677
600
600
575
500
492
423
422
398
384
N/A
LWI Properties
Gilbert
382
Elan Desert Ridge
Portles Place
N/A
Greystar
JLB Partners
JLB Partners
Phoenix
Scottsdale
Scottsdale
370
369
360
Gilbert
Goodyear
Tempe
Phoenix
Scottsdale
Surprise
Tempe
350
340
330
329
325
324
304
Gilbert
300
Trillium Residential
Treger Financial
Starpoint Communities of Scottsdale
Residential Housing Dev.
SEC Queen Creek Rd & Higley Rd
SEC Van Buren St & Estrella Pkwy
SWC Lakeside Dr & Rio Salado Pkwy
333 E Roosevelt St
1301 N Scottsdale Rd
SEC Bell Rd & Sarival Rd
708 S Lindon Lane
Pecos Rd & Val Vista Dr
111 N Dupont Cir
4195 N Falcon Dr
NWC Chandler Blvd & Gilbert Rd
1005 E Apache Blvd
Phoenix
Goodyear
Gilbert
Tempe
297
288
286
279
WM Grace
Gabriele Development
Alliance Residential
HCW
Cavan Commercial
Phoenix Housing Department
IPA /PB Bell
Archstone
Beztek Properties
P.B. Bell
Archstone
Continental Group
Butte Cos.
Chason Properties
VIVO Development Partners
Continental Group
Mo Dev
Platinum Advisors
Glenwood Intermountain
Woodbine SW Development
SWC Bell Rd & Sarival Rd
7215 E Silverstone Dr
SEC Goldwater Blvd & Soleri Dr
S of NEC I-17 & Villa Rita Dr
SWC Loop 303 & Happy Valley Rd
675 N 16th St
Greenway Hayden Loop & Scottsdale Rd
1126 N Scottsdale Rd
28425 N Black Canyon Highway
105 N Beebe St
N Pima Rd & Legacy Blvd
3510 N Miller Rd
SWC McClintock Dr & Erie St
E of NEC 64th St & McDowell Rd
7777 W Lower Buckeye Rd
230 W 5th St
1561 S Val Vista Dr
N of NEC 136th St & Via Linda
1000 E Apache Blvd
16001 N Scottsdale Rd
Surprise
Scottsdale
Scottsdale
Phoenix
Peoria
Phoenix
Scottsdale
Tempe
Phoenix
Gilbert
Scottsdale
Scottsdale
Chandler
Scottsdale
Phoenix
Tempe
Mesa
Scottsdale
Tempe
Scottsdale
264
262
259
257
250
250
240
234
232
228
224
224
222
220
220
200
198
150
124
720
Warner Rd
Ray Rd
Ellsworth Rd
39
Sossaman Rd
Power Rd
14
Elliot Rd
25
Pecos Rd
347
Chandler Heights Rd
Higley Rd
Queen Creek Rd
18
Riggs Rd
87
e lt
10
Ca
nal
Hunt Hwy
587
Idaho Rd
Mark-Taylor
o
Ro
UNDER CONSTRUCTION
Developer/Owner
Address
City
# of
Units
1Germann
SanRd
Norterra
Mark-Taylor
28515 N Valley Parkway
Phoenix
388
2QueenParcland
Creek RdCrossing
Mark-Taylor
SEC Loop 202 & Alma School Rd
Chandler
383
3
San Tan Village
LWI Advisory Group
SWC San Tan Village Pkwy & Ray Rd
Gilbert
382
4
Trillium North
Trillium Residential
20425 N 7th St
Phoenix
274
5
Broadstone at Camelback
Alliance Residential
SEC Camelback Rd & 26th St
Phoenix
270
6
San Marquis
Mark-Taylor
577 E Baseline Rd
Tempe
224
7
Trillium at Deer Valley Phase II
Trillium Residential
Loop 101 & 7th Ave
Phoenix
200
8
West Sixth Phase II
Zaremba Group
111 W Sixth St
Tempe
189
9
Sotelo Phase II
Trillium Residential
615 E Weber Dr
Tempe
112
10
Broadstone at Lincoln
Alliance Residential
6501 N Scottsdale Rd
Phoenix
264
11
Optima Sonoran Village
Optima
SEC 68th St & E Camelback Rd
Scottsdale
210
12
Avenida
IPA/P.B. Bell
3250 S Arizona Ave
Chandler
332
#
Germann Rd
12
Ironwood Rd
Meridian Rd
Bush Hwy
Recker Rd
Higley Rd
Greenfield Rd
Val Vista Dr
Cooper Rd
McQueen Rd
2
3
JEN Partners/Terra West Management
Sandbox Development
Evergreen Development
Concord Eastridge Deveopment
ASU
Greystone Group
Fairfield Development
TOTAL 17,457
sev
Delivered - 189 Units
4605 N Scottsdale Rd
21211 N 56th St
2nd Ave & Van Buren St
NEC Loop 101 & Scottsdale Rd
1533 N Hayden Rd
445 W. Lincoln St
74th St & E McDowell Rd
2005 N 103rd Ave
NEC 99th Ave & W Van Buren
323 Veterans Way
SEC 50th St & Chandler Blvd
NEC Arizona Ave & Queen Creek Rd
1155 W Elliot Rd
San Tan Village Pkwy & Ray Rd
NEC 56th St & Deer Valley Rd
SWC Scottsdale Rd & Chaparral Rd
NWC Scottsdale Rd & Kierland Blvd
30
Surprise Village Marketplace
31
Collection at Silverstone
32
Broadstone at Scottsdale Waterfront
33
Villa Rita
34
Happy Valley
35
Frank Luke II
36
The Residences at Zocallo Plaza
37
Archstone Tempe
38
Sage Phase II
39
Highland Groves
40
Archstone DC Ranch
41
Bristol Stadium Lofts
ue
du
42
N/A
ct
Rd MAR
43 Brown
Scottsdale
44
Retreat at Tuscano
University Dr
45
Tempe Tower
Apache Tr
Broadway
46Rd Premier at Dana Park
47
N/A
Southern Av
48 60Retreat at 1000 Apache
49
Crackerjack Site
Williams Field Rd
28
12
Maric
opa
Rd
Under Construction - 3,228 Units
Gray Development
Greystone Group
UrbanLogic
TDI Real Estate Holdings LLC
Sunrise Luxury Living
Union Station LLC
Mark-Taylor
Continental Group
Boston Capital/Trammel Crow Residential
Core Campus Communites
IPA & Clark Wayland Builders
Archstone
Mark-Taylor
Guadalupe Rd
Gilbert Rd
Valley Rd
ow
nb
Proposed - 17,457 Units
RESERVATION
87
Queen Creek Rd
GILA RIVER
LEGEND
Southern Av
Superstition
46 Frwy
Baseline Rd
42
Pecos Rd
R.
University Dr
Main St
Val Vista Dr
Mill Av
Elliot Rd
Warner Rd
Ray Rd
Chandler Bl
Broadway Rd
Arizona Av
Maricopa Fwy
13
Apache Bl
Western Canal
Price Rd
10
Brown Rd
60
6
Baseline Rd
11
101
S a lt
al
Ca
n
r
e
uth
McDowell Rd
So
Lindsay Rd
University
Dr
48
29
Southern Av
51st Av
8
10
Granite
Reef
Dam
McKellips Rd
Alma School Rd
o p a Fwy
1
Dobson Rd
143
Elliot Rd
INDIAN
Country Club Dr
37
45
24 20
Kyrene Rd
24th St
9
McClintock Dr
SKY HARBOR
INTL. AIRPORT
ric
5
22
Gilbert Rd
McDowell Rd7
26
Rural Rd
202
43
41
Hayden Rd
Thomas Rd
Gilbert Rd
Indian School
Rd
32
Dobbins Rd
Estrella Dr
1
SALT RIVER
PIMA-MARICOPA
INDIAN
RESERVATION 87
n
Pima Rd
11
Chaparral Rd
Scottsdale Rd
16
5
56th St
Baseline Rd
16th St
7th Av
Central Av
7th St
Southern Av
Camelback Rd
35
17
Indian Bend Rd
Lincoln Dr 10
McDonald Dr
24th St
51
6
Broadway Rd
Blue Sky
ry Pass Rd
Shea Bl
# of
Units
Desert Ridge Apartments
The Jet Phase I & II
One Scottsdale
One & Two Hayden Centre
Union Station Development
Mark-Taylor
Studio City Lofts
Alexan Tolleson
323 Vertrans Way I & II
N/A
N/A
San Capella
Us e
47
City
1
Hawes
Rd
Cactus Rd
16th St
Squaw Peak Pkwy
7th Av
Central Av
7th St
19th Av
3
McDo
well Mtn Rd
Tatum Bl
32nd St
e ek R
d
h t Bl
Address
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Aq
21
Lloyd
Thunderbird Rd
Ca
ve
C
17
nd
10
Van Buren St
ver
Salt R i
Gila
Rive
r
Fran
k
Shea Bl
McDowell Rd
Buckeye Rd
kwy
strella P
Pima Rd
Ca
19th Av
Black Canyon Fwy
35th Av
43rd Av
Indian School Rd
Lower44Buckeye Rd
115th Av
40th St
35th Av
51st Av
43rd Av
y
83rd Av
75th Av
99th Av
El Mirage Rd
aF
ria Fw
Ag
u
111th Av
107th Av
Thomas Rd
Broadway Rd
49
Greenway Rd 36
r
Ma
County
4
F annin-McF a rla
Indian School Rd
Buckeye Rd
5
Rd 8
Bell Rd
Grand Canal
Av
107th Av
Camelback Rd
Rd
E
Bethany Home Rd
9
19
17
d
ay Rd
Glendale Av
Papago Fwy
Van Buren St
Union Hills Dr
FORT
Developer/Owner
18
The Bridges at Gilbert
19
Centerra Crossings
MCDOWELL 20 Lakeside and Rio Salado
21
Concord Eastride Development
INDIAN
22
Sky Song
RESERVATION23 Castellina
24
Fairfield of Tempe
87
25
Spectrum
26
Trillium 44th St
y
27
Harmony
at Goodyear
Hw
B e e li n e
28
Norton’s Crossing
29
District on Apache
40
Dunlap Av
8
McDowell Rd
ma Rd
60
an
27
2 15
33
Peoria Av
101
Northern Av
7
Cactus Rd
Gr
LUKE
A.F.B.
Dysart Rd
Glendale Av
an School Rd
10
Olive Av
Litchfield Rd
Cotton Ln
303
Thunderbird Rd Ca
l
Peoria Av
31
Greenway Rd
na
Cactus Rd
A ri
zon
a
Happy Valley Rd
g
Wri
Waddell Rd
live Av
Bell Rd
9
Rio Verde Dr
Pinnacle Peak Rd
Deer Valley Rd
4
Beardsley Rd
51st Av
30
Rd
Pinnacle P e ak
59th Av
Union Hills Dr
Bl
Dynamite Bl
Happy Valley Rd
59th Av
on
99th Av
23
Beardsley Rd
91st Av
Bell Rd
oh
ns
67th Av
R.H
.J
75th Av
Av
83rd Av
A
67th Av
L ake Ple
asan
t Rd
d
New River
a Fria
R i v er
gu
an
34
s A queduct
Name
Rive r
de
Gr
ode
Lone Mountain Rd
V er
yd
Ha
60
1
Scottsdale Rd
ve
C
38
38
en
-Rh
Rd
Carefree Hwy
ree
k
74
PROPOSED
#
R
Carefree Hwy
tt
Vineyard Rd
a
Rive
r
7th St
74
www.ColliersCookeTeam.com
ew
N
Morris
town -New Riv e r
17
Waddell
Dam
r tl e
Crimson Rd
PHOENIX METRO AREA
Hwy
B
BARTLETT
RESERVOIR
Signal
Butte Rd
Da m
Rd
Rd
Lake
Pleasant
Name
TOTAL 3,228
DELIVERED
#
Name
1
West Sixth
TOTAL 189
Developer/Owner
Address
City
# of
Units
Zaremba Group
115 W Sixth St
Phoenix
189