When the Dwell Apartments Homes were built in the 60’s, Scottsdale was a dusty community known mostly for horse properties. It barely had 10,000 people. Today is has over 250,000 people and like everything else in Scottsdale, the Dwell Apartments have dramatically increased in value. In 2015, the complex sold for $14 million. Last month it sold for $41.6 million.

Avanti Residential sold the vibrantly painted community to Chicago-based 29^th Street Capital. The authentic mid-century project is located near the intersection of Scottsdale and McDowell roads and benefits from Scottsdale’s high-end employment, retail, dining and entertainment offerings.

Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area. 29th Street Plans to begin a capital improvement program.

Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself.