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Reinvigorated Institutional-Quality The Urban Sells for $96M
The Urban, a 10-building 435-unit multifamily property located at 3601 E. McDowell Rd. in Phoenix, is a 2000-era community with value-add upside. The reinvigorated institutional-quality property recently sold for $96 million. The buyer was Los Angeles-based multifamily investment firm, TruAmerica.
Newmark’s Brett Polachek, Brad Goff and Chris Canter represented the seller, Knightvest Capital.
“The sale of The Urban is emblematic of the strength of the Phoenix apartment market and the continuing rent growth in East Phoenix as well as the entire metropolitan area,” said Goff. “TruAmerica intends to continue the renovation and value-add program at the Urban and further promote value. The Urban’s location, as well as quality construction, lends itself well to extended growth in rental rates and future potential.”
The property features a mix of studio, one-, two-, and three-bedroom unit types and is located within a 6-mile radius of Phoenix, Biltmore Fashion Center, Old Town Scottsdale, Camelback Mountain, Arizona State University Papago Park and the Phoenix Sky Harbor Airport.
- ◦Sale/Acquisition
