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October 22, 2020
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Bluerock Real Estate Buys 254-Unit AZ Res Property


In an institutional-quality AZ Res buy, Bluerock Real Estate purchased Avenue 25, a 254-unit multifamily property in Phoenix’ Deer Valley submarket. The property, located at 18250 N. 25th Avenue, was sold by Millburn & Company.

Avenue 25 features a Class A amenity package including a resort-style heated pool with spa and cabanas, well-appointed fitness center, modern resident clubhouse with a coffee bar, game room with pool table, electric car charging stations, business center, package locker system, and a gated dog park.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the transaction. CBRE’s Rocco Mandala arranged financing for the buyer.

“Avenue 25 is a meticulously maintained Class A community with an attractive value-add component that created a unique offering in a submarket with solid multifamily fundamentals,” said Pesch.

According to CBRE Research, the Deer Valley submarket has maintained average occupancy over 95% since first quarter 2016 and annualized rent growth through fourth quarter 2019 was 9.5%. The submarket is currently 96% occupied and there are no communities over 100 units under construction or planned within three miles of Avenue 25.

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