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.