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June 15, 2024
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Phoenix Res Community Acquired by FSO Capital Partners in $33 Mil Deal


FSO Capital Partners has purchased Park Central Luxury Townhomes, a 56-unit townhome rental community in Phoenix, for $33.5 mil ($598k/unit). The property was sold by Next Wave Investors LLC, who acquired the community for $25.5 mil in December 2020, shortly after its completion.

Located at 917 West Glendale, Park Central Luxury Townhomes features modern architecture and interior design. It is the largest built-for-rent townhome community developed in Phoenix. According to Jordan Fisher, Principal at Next Wave, the property greatly benefits from the massive unit sizes, modern architecture, premium amenities, and the strength of the Phoenix area.

Park Central Luxury Townhomes is a gated community consisting of two-story townhomes that offer a mix of spacious three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom units averaging 1.8k sf in size.

Each townhome includes a 400 sf, two-car private garage and fenced-in backyard. Additional amenities include a community swimming pool, walk-in closets, large bedrooms, and in-unit washers and dryers.

The property is located seven miles north of Downtown Phoenix, six miles from Phoenix's Biltmore area, and is situated within walking distance of a light rail station and among an abundance of local dining, grocery, and retail amenities. Significant employers in close proximity to the property include the numerous companies located in Midtown, Downtown, and the Camelback Corridor, as well as Banner Health, St. Joseph’s Hospital, U-Haul International, Wells Fargo, and Phoenix Children’s Hospital.

ABI Multifamily's Institutional Apartment Group—Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick—represented Next Wave as the seller and procured the buyer in this transaction.

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