Newmark Knight Frank announced that it has completed the sale of 8th and Row, a newly-constructed, 35-unit, Class A townhome community in Phoenix, Arizona. Located within the highest demand rental submarket in metro Phoenix, the Roosevelt Row Arts District, 8th and Row is the only townhome rental community in all of Downtown Phoenix.

Newmark Senior Managing Director Ryan Ash, Director Mike Woodrick , Managing Director Chris Canter and Executive Managing Directors Brett Polachek and Brad Goff represented the seller, 8th and Row NSMM, LLC. The buyer was Watt New Leaf-Roosevelt, LLC. The property sold at list price for approximately $18 million or $515,000 per unit.

READ ALSO: 1.61-acre lot in Roosevelt Row sells for $7.75M

“As the cost of land, labor and materials have skyrocketed, 8th & Row presented the opportunity

to purchase a newly built, low-density community well below current replacement cost,” said Ash. “Comprising a rare combination of three- and four-bedroom townhome units in an urban setting, 8th & Row is poised to benefit from unparalleled resident attraction and retention.”

Roosevelt Row (“RoRo”) Arts District is home to award-winning art galleries, renowned artists, hip restaurants, and a vibrant urban culture, and is one of the most Instagrammed art spaces in the U.S. 8th & Row comprises nine buildings spread across nearly two acres, providing an appealing low-density alternative to the podium and high-rise communities typically found in dynamic urban locations.

The property is located minutes from Arizona State University’s Downtown campus, the University of Arizona College of Medicine and the Phoenix Biomedical Campus. Amenities include individual two-car garages, multiple balconies and patios, and a community pool, jacuzzi, cabana and barbeque area.

According to a report from Newmark Research, Phoenix has experienced remarkable multifamily effective rent growth of 5.4 percent over the past year. As a result, investors have flocked to the Phoenix multifamily market, with a 13.7 percent increase in multifamily sales volume over the prior five-year average. With strong property metrics despite pandemic-induced challenges, and the outperformance of Sunbelt markets, Phoenix is likely to continue experiencing economic growth and will remain a prime target for investors.