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Urban Park 56

Urban Park Benefits from Recent Upgrades

The Greater Phoenix multifamily segment has proven resilient in the last year due to its steady fundamentals including population inflows, job growth and the supply/demand equilibrium in units. One recent sale example is Urban Park Apartments, a 104-unit property in downtown Phoenix, which was purchased by Clear Capital for an undisclosed price.

Newmark’s Chris Canter, Brett Polachek and Brad Goff represented the seller, Allante Properties.

“Urban Park is a fully renovated turnkey asset in the revitalized midtown Phoenix submarket,” said Canter. “The seller, Allante Properties, spent over $3 million in the past three-plus years to beautifully renovate both the interiors and exterior of this immaculate 104-unit apartment complex.”

The property located at 948 E. Devonshire Ave. features updated landscaping, a dog park, 24-hour maintenance, an on-site manager, a swimming pool and picnic area with barbecues, and in-unit upgrades.

According to Newmark research, vacancy rates and cap rates finished first quarter 2021 at 3.7 percent with average asking rates reaching $1,286. There are 16,470 units under construction and sales price-per-unit averaged $203,151.


Inside The Story

Chris Canter

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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