CBRE has arranged the sale of the 254-unit multifamily community Avenue 25 on behalf of Millburn & Company to Bluerock Real Estate.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Millburn & Company. Rocco Mandala of CBRE Multifamily Debt & Structured Finance arranged financing for the buyer.
Located at 18250 N. 25th Avenue in the Deer Valley submarket of north Phoenix, Avenue 25 features a Class A amenity package including a resort-style heated pool with spa and cabanas, well-appointed fitness center, modern resident clubhouse with a coffee bar, game room with pool table, electric car charging stations, business center, package locker system, and a gated dog park.
“Avenue 25 is a meticulously maintained Class A community with an attractive value-add component that created a unique offering in a submarket with solid multifamily fundamentals,” said Pesch.
According to CBRE Research, the Deer Valley submarket has maintained average occupancy over 95 percent since first quarter 2016 and annualized rent growth through fourth quarter 2019 was 9.5 percent. The submarket is currently 96 percent occupied and there are no communities over 100 units under construction or planned within three miles of Avenue 25.
Bluerock Real Estate, LLC is a private asset management and investment firm based in New York, NY whose senior management team has an average of over 27 years each investing experience and has helped launch several leading real estate private and public company platforms. Bluerock’s key principals have been involved with sourcing, structuring and acquiring over 35 million square feet of real estate, with approximately $10 billion in value during three major market cycles.