PHOENIX—Sunridge Hotel Group broke ground on a Courtyard by Marriott hotel that will be located adjacent to Phoenix-Mesa Gateway Airport.

PHOENIX—OliverMcMillan, a boutique real estate developer, has broken ground on SALT, a four-story, 265-unit, class A apartment community in Tempe.

PHOENIX—Bruce Ward, Alliance Residential Company's chairman and CEO has been named the 2014 Executive of the Year by Multifamily Executive, one of the leading trade publications for the multifamily housing industry.

PHOENIX—ABI Multifamily has facilitated the sale of Fountainhead, an apartment community located in Phoenix. The 273 Unit garden-style, gated community was originally built in 1984 and sold for $8.1 million.

PHOENIX—The Opus Group announces the addition of Sean Cummings as senior director, real estate development of Opus Development Company, L.L.C.'s Phoenix office.In his new role, Cummings will focus on development opportunities in the Phoenix area across multiple sectors, including office and industrial.

TUCSON—CBRE recently negotiated long-term office leases with major tenants at One South Church, the landmark building in downtown Tucson. Global engineering firm HDR has leased 9,659 square feet of space, while Regus, the world's largest provider of flexible work space, has inked a deal for the entire 12,659-square-foot 12th floor.

Amid a tightening market with rapidly rising prices, is the multifamily sector outpricing itself? Opinions vary.

PHOENIX—CBRE has completed a 40,000-square-foot office lease at Papago Technology Center located at 1700 N. Desert Drive in Tempe.