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9/30/16
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The first urban apartment project to be constructed and traded in downtown Phoenix's post-recession real estate upswing has sold this week in a $21.8 mil transaction. The property, Proxy 33, is a 118-unit complex that was acquired by Weidner Apartment Homes from Goodman Real Estate and Tilton Development Company.
Built in 2016, Proxy 333 totals 69.3k sf and is located at 333 E. McKinley St, between Third and Fourth streets in in the heart of downtown Phoenix' Evans-Churchill neighborhood. The units, ranging from 438 sf to 878 sf in size, include studios, one-bedroom, two-bedroom apartments, along with 10 ground-floor live work units, complete with individual signage.
Each unit at Proxy 333 includes a private patio or deck, large closets, upgraded appliances and designer interior selections complete with quartz countertops. Community amenities range from a 24-hour concierge and private fitness center to a bike garage and exclusive rooftop lounge.
Additional amenities include a pool and recreation area with fire pit, game tables, bocce ball, an outdoor kitchen and TV. As a pet-friendly community, Proxy also includes an on-site dog park.
These amenities are complemented by nearby shopping, dining, arts and entertainment - some as close as the building's first-floor retail space - as well as neighboring Arizona State University, TGEN and the Phoenix Biomedical Campus.
John Cunningham and Charles Steele of JLL represented the property owners in the deal. The sale worked out to $314/sf and $184.7k/unit.
"Weidner recognized the opportunity to acquire Proxy 333 and operate the community in concert with Skyline Lofts, its existing asset located across the street," said Steele. "The economies of owning both properties and the complementary nature of the floor plans will give the company a unique advantage in this submarket."
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