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11/10/14
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In a sale from about a month ago, NY-based Abacus Real Estate purchased Level at Sixteenth, a 240-unit apartment complex in Phoenix, for about $41.1 mil The property, located on more than four acres at 1550 East Campbell Ave, was sold by Cornerstone Real Estate Advisors. Cornerstone acquired the asset in 2011 for around $40 mil.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David represented the seller in the deal. “Level at Sixteenth was developed by Alliance Residential Co in 2010 on a site previously occupied by a 1950s-era strip mall, marking a new era of redevelopment that has transformed the area,” says Gebing. “The property is adjacent to the city’s prominent Biltmore Quarter, and its proximity to the Central Avenue office corridor provides residents with direct access to the greatest concentration of employment in Arizona.”
Level at Sixteenth offers 20 floor plans and studio, one- and two-bedroom apartment homes. Interiors feature mountain or downtown city views, wood-style flooring throughout kitchen, bath, living and dining rooms, and deluxe appliance packages. Private laundry quarters are also featured in each home, along with multi-media access pre-wiring throughout. Select apartment homes also have private enclosed sunrooms with French doors, spiral staircases to open lofts with 18-foot ceilings, exposed duct work and soaking tubs.
Community amenities include gated controlled access entry, a clubhouse with lounge and kitchen, a two-story, fully appointed athletic center with virtual personal training programs, outdoor ramada lounge with Wi-Fi connectivity, 100-inch multi-media video wall and billiard table, resort-inspired pool and Jacuzzi with water feature and temperature-controlled interior corridors. There is also a reserved underground parking garage and 56 private attached garages.
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