— By Karl Abert and Bret Zinn of Kidder Mathews — The Phoenix multifamily market is still digesting the effects of an unprecedented development cycle, while beginning to show early signs of stabilization. Although near-term operating fundamentals remain challenged, several forward-looking indicators suggest the market is gradually moving toward equilibrium as it enters 2026. Vacancy increased to 12.6 percent in the fourth quarter, up 80 basis points year over year, according to Kidder Mathews research. This reflects the cumulative impact of elevated construction deliveries over the past several years. Average asking rents declined 3 percent year over year to $1,529 per unit, underscoring the competitive leasing environment owners continue to face. These trends confirm that Phoenix remains in a tenant-favorable phase of the cycle, particularly in submarkets that experienced outsized levels of new supply. Encouragingly, the development pipeline is contracting meaningfully. Units under construction declined nearly 30 percent year over year, while last year’s deliveries fell sharply compared to 2024. This slowdown represents a critical inflection point for the market. As new supply tapers, demand will have greater opportunity to absorb existing inventory, setting the stage for gradual improvement in occupancy and rent growth. While net absorption remained positive in …
CYPRESS, TEXAS — A partnership between Trammell Crow Co. (TCC) and Clarion Partners has completed a 628,012-square-foot industrial project in Cypress, a northwestern suburb of Houston. The newly delivered buildings represent the third and final phase of Weiser Business Park. Designed by Seeberger Architecture with construction by A&F General Contractors, Buildings 5 and 6 at Weiser Business Park feature 36-foot clear heights, 54-foot-wide column spacing and ESFR sprinkler systems. Colliers is marketing the buildings for lease. Cadence Bank financed Phase III, construction of which began in February 2025. Phase I and II of Weiser Business Park comprised four buildings totaling approximately 1.1 million square feet that are now fully leased.
HOUSTON — MetroNational, the owner and operator of the Memorial City mixed-use district in West Houston, will undertake a $9.1 million renovation of a 161,200-square-foot office building located within the development at 9821 Katy Freeway. The renovation, which will be carried out in two phases, will entail a reimagining of the lobby and upgrading of amenity spaces, including a training room, boardroom and hospitality bar. The project team will also enhance the skybridge, landscaping and other outdoor areas. The project is expected to be complete before the end of the year.
DALLAS — NAI James E. Hanson, a New Jersey-based brokerage firm, has arranged the $8.8 million sale of a 20,000-square-foot cold storage facility in southwest Dallas. The newly renovated building at 4910 Joseph Hardin Drive includes 2,000 square feet of office space and has been net-leased to Bento Sushi for the past 10 years. Michael Walters and Cameron Silverstein of NAI Hanson represented the buyer, Anderson & Vreeland Realty Corp., in the transaction. The seller was CanTex Capital. The deal traded via a 1031 exchange, the structuring of which was supported by Chase Miller of NAI Robert Lynn.
CARROLLTON, TEXAS — Locally based investment firm Dalfen Industrial has purchased a 70,635-square-foot industrial building in the northern Dallas metro of Carrollton. The multi-tenant building at 1625 W. Crosby Road was 71 percent leased at the time of sale to two tenants: Momentum Technologies and Central Cargo North America. The seller and sales price were not disclosed.
NEW YORK CITY — Global private equity firm KKR has provided a $160.2 million loan for the refinancing of QLIC, a 21-story, 421-unit apartment tower in the Long Island City area of Queens. The unit mix consists of 55 studios, 297 one-bedroom apartments, 53 two-bedroom residences and 16 three-bedroom units. Amenities include 24-hour concierge service, a fitness center, rooftop pool with cabanas, landscaped courtyard, media lounge and a communal workspace. The building also houses 7,987 square feet of ground-floor retail space. Christopher Peck, Lauren Kaufman and Michael Shmuely of JLL arranged the loan on behalf of the owner, a partnership between two New York-based firms, World Wide Group and Rabina.
JERSEY CITY, N.J. — JLL has arranged a $72 million loan for the refinancing of The Hazel, a 201-unit apartment complex in Jersey City. The Hazel was developed in two phases, with Phase I comprising 114 units that were delivered in early 2022 and Phase II consisting of 87 units that were completed in late 2024. The Hazel offers studio, one- and two-bedroom floor plans with an average size of 747 square feet, with 11 units set aside as affordable housing. Amenities include a sky lounge, rooftop pool, fitness center and coworking space, and the property also houses 9,588 square feet of commercial space. Thomas Didio, Thomas Didio Jr., Michael Mataras and Tyler Caricato of JLL arranged the five-year, fixed-rate loan through Truist Bank. The borrower is a partnership between two local developers, Alpine Residential and Fields Grade.
GLEN COVE, N.Y. — A joint venture between local developer RXR and Chuo Nittochi America Corp. Team has broken ground on The Arden, a 101-unit multifamily project in the Long Island community of Glen Cove. The Arden will be a five-story building that will house studio, one-, two- and three-bedroom units. Indoor amenities will include a resident lounge with a kitchenette, golf simulator, work-from-home lounge, fitness center, mail/package room and a wellness lounge with sauna and massage rooms. The Arden will also feature an 8,300-square-foot outdoor amenity space with a landscaped courtyard, fire pit, pool, grilling stations and a walking trail that connects to the Garvies Point Preserve. Completion is slated for 2027.
NEW YORK CITY — Marcus & Millichap has brokered the $8.8 million sale of a 15-unit apartment building in Manhattan’s East Village. The building at 207 E. Fourth St., which includes two commercial spaces, houses studio, one- and two-bedroom units that were recently upgraded with new interior finishes, floors, appliances and bathroom fixtures. Matt Berger and Joe Koicim of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MCLEAN, VA. — JLL Income Property Trust, alongside investment partner LCOR, has sold Kingston at McLean Crossing, a 319-unit apartment community located at 7480 Birdwood Ave. in McLean, about 12 miles west of Washington, D.C. The Chicago-based REIT originally acquired the 15-story property in 2021, three years after the property was delivered. The buyer is Pantzer Properties, a multifamily owner-operator based in New York City, according to Apartments.com. Brian Crivella, Yalda Ghamarian, Bill Gribbin and Jack Canepa of Berkadia represented the seller in the transaction. The sales price was not disclosed. Pantzer has rebranded Kingston at McLean Crossing to The Point at McLean. Units come in studio to three-bedroom layouts ranging in size from 569 to 1,932 square feet. Amenities include a pool, fitness center, concierge, conference rooms, spa, EV charging stations and a playground. The property was 96 percent occupied at the time of sale.