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Phoenix’s Sanctuary on 22nd Sold for $32M

Sanctuary on 22nd, a 266-unit apartment community in the heart of Phoenix, has traded hands for $31.8 million. The seller was Laguna Point Properties, while the buyer was an undisclosed private investor.

Built in 1985 at 8530 N. 22nd Ave., the property totals 266 apartment homes with a mix of one and two bedrooms. The community sits on 10 acres between Dunlap and Northern avenues, less than one-half mile from Interstate 17 and a METRO Light Rail station.

JLL’s John Cunningham and Charles Steele led the capital markets team handling the deal on behalf of the seller.

Steele says, “Sanctuary on 22nd is a significant value-add opportunity in an area with high demand and minimal new multifamily construction. That, combined with its close proximity to I-17 and Light Rail, make Sanctuary on 22nd a very well-positioned asset in one of the healthiest local apartment markets in the country.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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