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.
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.