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7/02/25
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Denali Apartments LLC has acquired Seventh, a 286-unit apartment community in North Central Phoenix, in a $34.75 mil ($121.5k/unit) transaction. The property had been owned and operated by the seller since 2021, during which time they completed major capital improvements.
Located at 5145 North 7th St, Seventh was originally built in 1970 and comprises 154.3k sf of space, for an average unit size of 539 sf. The community offers an attractive mix of studio, one-, two- and three-bedroom floor plans.
Current community amenities include two large swimming pools, several laundry facilities, and a modern fitness center with outdoor workout space. Seventh is also conveniently located in North Central, an area that continues to expand its footprint with some of the Valley’s most popular restaurants and entertainment venues.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
“Seventh represented a unique value add opportunity for the buyer, Denali Apartments LLC, in that the previous owner, a large institutional LP, had taken over the property from the GP after spending considerable dollars upgrading the property,” commented Fogler. “The upgrades completed by the previous ownership group provided Denali a clear path for further capital improvements and the dynamic location on North 7th Street in the highly desirable North Central neighborhood supports the need for quality, attainable housing in the attractive North Central area of Phoenix.”
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