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May 31, 2020
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Phoenix Res Property Trades for $100k/Unit


Avenue 15 Apartments, a 148-unit apartment complex located at 1609 West Glendale Ave in Phoenix, has sold for $14.725 mil ($99.5k/unit). The buyer was Urban Communities, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities.

Avenue 15 Apartments consists of 12 two- and three-story buildings, equaling 152k sf, with exceptionally large units. It is situated on 4.61 acres in an upscale single-family neighborhood in the prominent North Central Phoenix area, close to the 19th Avenue Light Rail.

The Avenue 15 community is a condominium reversion and an add-value, socially-conscious workforce housing opportunity. Workforce housing refers to affordable housing for households with earned income that is not sufficient to allow for quality housing in the area they work in. Urban Communities and Shelton Cook Property Management plan to update and reposition the previously un-renovated 1972 constructed complex.

The seller was Avenue 15 LLC, a real estate investment partnership. Karl Abert with Kidder Mathews represented Urban Communities in the transaction.

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