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September 26, 2018
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AZ Res Community Trades for $50 Mil

6/29/18

Aura Apartments, a newly constructed, 220-unit Class A luxury rental community located in Phoenix’s Biltmore area, was purchased for $50.5 mil ($229.5k/unit) by Banner Audere LLC, an entity formed by Banner Real Estate Group of Northbrook, Ill.

Aura Apartments is located at 1920 E. Indian School Rd, east of I-17 and north of I-10. Developed by Trinsic Residential, Aura features a mix of one-, two-, and three-bedroom floor plans.

The apartment’s contemporary design features wood-tile flooring, contemporary lighting, full-size washer/dryers, walk-in closets, private patios/balconies, quartz countertops, under-mount sinks, designer plumbing fixtures, 42-inch upper cabinets with tile backsplash, glass-front cabinets, Energy Star stainless steel appliances, side-by-side refrigerators with ice/water dispensers, and gourmet prep islands with pendant lighting.

The property’s amenity set includes a clubhouse with entertainment lounge/coffee bar, resort-style swimming pool with spa, private poolside cabanas, outdoor fireside seating, outdoor kitchen with TV’s and barbecue grills, multi-level fitness center, cardio theater and spin bikes, pool table, electric car charging station, covered parking and detached garages, and controlled access.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Dallas-based TRG Indian School, L.P., an entity of Trinsic Residential Group.

Aura’s location near the intersection of Indian School Road and 20th Street provides easy access to the major employment centers of the Camelback Corridor, Midtown and Downtown Phoenix as well as one of the Phoenix area’s most dynamic restaurant scenes. Aura also provides close proximity to shopping at Biltmore Fashion Park, excellent schools, numerous highly ranked hospitals, the AZ-51 Freeway and the Phoenix Mountain Preserve.






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