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Business
Phoenix apartments sell for $29.5M
Gretchen Wakeman Photography
Avalon, located in Phoenix, recently sold for $29.5 million
Posted
A 117-unit Phoenix apartment complex has sold for $29.5 million.
The complex, known as Avalon at 3851 N. 28th St., was bought by CS Large Cities Housing Fund LP.
Cushman & Wakefield brokered the sale. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Avalon LLC (TK Stratton, David Day; Principals) in the transaction.
“Avalon presented a stable investment opportunity for a fully renovated, quality apartment asset in a sought-after location,” said Nicoluzakis, executive managing director with Cushman & Wakefield.
The apartments were built in 1973 and were recently renovated, Nicoluzakis said.
Avalon consists of 81 one-bedroom units and 36 two-bedroom units. On site amenities include a resort-style pool, outdoor kitchen, game area, fitness center, and covered parking.
