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June 18, 2024
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29th Street Capital Spends $41.6 Mil on Res Community in Scottsdale, AZ


Chicago-based 29th Street Capital has acquired Dwell Apartment Homes, a 193-unit res community in Scottsdale, AZ, for $41.6 mil ($215.5k/unit). The property, located at 1923 N. 70th St, was sold by Avanti Residential, who purchased the asset in 2016.

Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area. The authentic mid-century project is located near the intersection of Scottsdale and McDowell roads and benefits from Scottsdale’s high-end employment, retail, dining and entertainment offerings.

Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself. We’re told that 78% of the apartments should benefit from planned interior upgrades that will further position the property as an attractive option amid a challenging affordability gap in Scottsdale’s new apartment inventory.

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