Phoenix

The national surge of data center activity has helped fuel growth in Phoenix, including a healthy new development pipeline.

While Phoenix was late to recover after the recession, it will now benefit from an extended runway with growth projected for the next several years.

All of the student housing buildings are expected to begin operations by the fall of 2020, with the exception of the Octave at the University of Illinois Urbana-Champaign project, which is scheduled for a fall 2019 occupancy.

The Mayo Clinic is partnering with Singapore-based Pontiac Land on the $190-million project that will also include hotel space.

After years of following the Phoenix market and its strengthening fundamentals, Texas-based CapRidge makes its first buy in the market.

Housing Trust Group is breaking leasing records with its new $63 million apartment development Aviva in Phoenix, illustrating a pent-up demand for urban-style living in the market.

Canadian investors have long been active in the Phoenix market, but market growth is attracting new foreign capital players to the market.

The portfolio consists of 461 rooms and will be managed by RHG. With the acquisition of the portfolio, Real Hospitality Group increases its portfolio of owned and managed assets to 105 hotels in 16 states.