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February 25, 2024
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Phoenix Res Community trades in $29.5 Mil Deal


Avalon, a fully renovated, 117-unit multifamily community in Phoenix, was acquired by CS Large Cities Housing Fund LP in a $29.5 mil ($252k/unit) transaction. The property is located at 3851 N 28th St.

The property consists of 81 one-bedroom units and 36 two-bedroom units. On site amenities include a resort-style pool, outdoor kitchen, game area, fitness center, and covered parking.

Avalon is centrally located within minutes of Downtown Phoenix, Scottsdale, Tempe, and Sky Harbor International Airport in the Biltmore neighborhood. Residents are within minutes of the premier retail, dining, and entertainment destinations along Camelback Corridor, Old Town Scottsdale, and Downtown Phoenix. The location is also within minutes to State Route 51, linking to Interstate 10, State Route 202, and Interstate 17 within a few miles, allowing convenient access throughout the Valley.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield represented the seller, Avalon LLC (TK Stratton, David Day; principals) in the transaction.

“Avalon presented a stable investment opportunity for a fully renovated, quality apartment asset in a sought-after location,” said Steven Nicoluzakis, Executive Managing Director. “Originally constructed in 1973, the seller had completed an extensive interior and exterior renovation creating a more modernized housing community in the highly desirable Biltmore area of Phoenix. Avalon rental rates are below the area’s average, providing prospective residents an affordable option in Biltmore.”

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