North Phoenix apartments

North Phoenix apartments sell for $40.25M

CBRE Group Inc. arranged the $40.25 million sale of Avenue 25, a 254-unit, Class A multifamily community located at 18250 N. 25th Ave. in Phoenix, Arizona.

Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Los Angeles-based TruAmerica Multifamily. The buyer was Salt Lake City-based Millburn & Company.

“In addition to the North Phoenix submarket boasting a 95 percent occupancy rate, there are no communities planned or under construction within a three-mile radius of Avenue 25, supporting high occupancy levels and strong rent growth prospects,” said CBRE’s Cunningham.

Avenue 25 is a garden-style community featuring comprehensive amenities including a resort-style pool and spa, pool area cabanas, modern resident clubhouse, fully-appointed fitness center, electric car charging stations and a gated dog park. The community is adjacent to Interstate 17 within the expanding Deer Valley employment corridor, home to approximately 120,000 jobs.

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Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.

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