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Urban Communities Buys 286-Unit Phoenix Multifamily Community for $38 Mil

2/23/21

Urban Communities has acquired Seventh Apartments, a 286-unit multifamily property in Phoenix, in a deal worth $38.3 mil ($134k/unit). The property was sold by Sterling Real Estate Partners, who had purchased the asset in June 2018 and then invested roughly $2 mil in upgrades.

The community is positioned on over five acres at 5145 N 7th St, just north of Seventh St and Camelback Rd in Uptown Phoenix. The property is characterized by its vibrant, mid-century influenced architecture and recently modernized common area amenities.

Sterling converted the courtyards into an outdoor gaming area and a state-of-the-art indoor fitness center with outdoor yoga yard, transformed a dilapidated tennis court to a dog park, and did a complete remodel of the leasing office and clubhouse. Unit interiors were also renovated with modern style finishes, stainless steel appliances, and granite countertops.

Cliff David and Steve Gebing with Institutional Property Advisors represented Sterling in the sale. This is Sterling’s ninth sale in Phoenix, totaling $155 mil.





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