Newly Acquired 8th and Row is a Rare Downtown Townhome Rental Community

8th and Row, a newly constructed 35-unit class-A townhome community in Phoenix, is a rare downtown townhome rental community. It is located within the highest demand rental submarket in metro Phoenix, the Roosevelt Row Arts District (RoRo).

The buyer was Watt New Leaf-Roosevelt LLC. The property sold at list price for $18 million or $515,000 per unit.

Newmark’s Ryan Ash, Mike Woodrick, Chris Canter, Brett Polachek and Brad Goff represented the seller, 8th and Row NSMM LLC.

“As the cost of land, labor and materials have skyrocketed, 8th & Row presented the opportunity to purchase a newly built low-density community well below current replacement cost,” said Ash. “Comprising a rare combination of three- and four-bedroom townhome units in an urban setting, 8th & Row is poised to benefit from unparalleled resident attraction and retention.”

8th & Row comprises nine buildings spread across nearly 2 acres, providing an alternative to the podium and high-rise communities typically found in urban locations.

The property is located minutes from Arizona State University’s Downtown campus, the University of Arizona College of Medicine and the Phoenix Biomedical Campus.