29th Street Buys Vintage Phoenix Apartments
Urban 148, a garden-style apartment complex located at 1609 W. Glendale Ave. in North Central Phoenix, has sold for $24.1 million. 29th Street Capital purchased the property from Urban Communities.
The project, constructed in 1974, comprises 148 apartment units on a 5.18-acre site. The community offers floor plans averaging 1,023 square feet. Amenities at Urban 148 include a clubhouse, kitchen and dining room, yoga studio, playground, picnic area, pool and grill station.
“The buyer was able to acquire the Urban 148 significantly below replacement cost with positive leverage,” said Colliers’ Chris Roach.
Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers handled the sale transaction. Financing for the purchase was provided by Shahin Yazdi and Jonathan Lee, Colliers Mortgage Los Angeles, in partnership with Luke Donahue and Patrick O’Donnell, Colliers Mortgage Phoenix.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout