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Phoenix & Southwest  + Phoenix  + Apartments  | 
Seller carry-back ensures Phoenix apartment sale

Seller Financing Secures Phoenix Apartment Deal

Scottsdale-based Avenue North LLC just sold its 80-unit south Phoenix build-to-rent community to CVG Properties. The Phoenix Business Journal reports the project, Proximity Baseline, sold for $27.2 million.

CVG Properties payed $340,000 per unit. The Scottsdale investment group put $14.2 million down, with the remaining $13 million debt being carried by Avenue North, Vizzda LLC data base records show. With rising rates, seller financing is expected to become more prevalent.

The property was 30% leased when the deal closed on July .

Avenue North also recently sold a 7.34-acre site at 825 E. Euclid Ave. to New York-based Rockefeller Group. In addition, the Scottsdale developer also sold its 85-unit Proximity 16th last fall.

Avenue North own three parcels in the South Mountain area that already have zoning approval for more rental units.


Inside The Story

Ryan Hartman

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition
  • ◦Financing
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