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August 23, 2017
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Investor Pays $17.5 Mil for Phoenix Multifamily Asset

3/23/17

Clarendon Park, a 138-unit apartment community in Phoenix, traded hands in a recent sale worth $17.5 mil, or $127k/unit. The property, located at 222 W. Clarendon Ave, was acquired by Phoenix-based Rincon Partners LLC.

Built in 2002, Clarendon Park offers studio, one- and two-bedroom floor plans with an average unit size of 703 sf. Totaling 97k sf, amenities at the community include a fitness center, pool, garages, in-unit washer/dryer and easy access to the Metro light rail and other public transportation.

Brett Polachek and Jim Crews from the Cushman & Wakefield Phoenix office represented the buyer in the deal.

Located in the heart of Phoenix, the property is in a walkable area with quick and easy access to fine dining, museums, galleries, theater, music and major league sports facilities. In addition, the Metro light rail is less than an eight minute walk. The property is also in close proximity to four major freeways including I-10, US 51, I-17 and US-60.






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