Cushman & Wakefield announced the firm has brokered the sale of Avalon, a fully renovated, 117-unit multifamily community located at 3851 N 28th St in Phoenix, Arizona. The property sold for $29.5 million, or $252,137 per unit, to CS Large Cities Housing Fund, LP.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix 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.”
“Avalon residents also benefit from exceptional access to employment, restaurants, retail shops and nightlife options as well as nearby parks and recreational activities,” added Nicoluzakis.
Avalon 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.