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Boston Investor Enters PHX Market, Snags East Camelback MF for $26M
Boston-based Taurus Investment Holdings, LLC acquired Avenel on 16th Apartments from Phoenix-based Rincon Partners for $25,950,000. The recently repositioned property is located near 16th Street and Indian School Road in the East Camelback/Uptown Phoenix submarket.
Taurus’ Peter A. Merrigan says, “The purchase of Avenel on 16th represents Taurus’ confidence in the prospects for this region. This investment is a fantastic opportunity for us to participate in the continued transformation and future development of a premier submarket at a price that is a significant discount to replacement cost.”
The 200-unit apartment community was built in 1980 and 1984 and comprises 14% studios, 69% one-bedroom units, and 17% two-bedroom units.
NorthMarq’s Trevor Koskovich, Jesse Hudson and Bill Hahn brokered the sale and represented both buyer and seller in the transaction. Financing for the acquisition included an $18,790,000 Freddie Mac loan, which was arranged by NorthMarq’s Bryan Mummaw.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition
