A Phoenix Class A luxury apartment community, Broadstone Sixteen 75, sold to an entity formed by San Diego-based ConAm Asset Management Corporation for $60 million, according to Cushman & Wakefield.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, a limited partnership formed by Phoenix-based Alliance Residential, of the 225-unit apartment community.
The property’s sale totaled $266,667 per-unit.
Broadstone Sixteen 75 is a recently completed and leased, Class A apartment community located at 1675 E. Morten Ave., in the highly desirable North Central Phoenix area at the base of Piestewa Peak near 16th Street and Morten Avenue, in close proximity to the AZ-51 freeway.
This location offers immediate access to major employment, shopping, dining and entertainment corridors, as well as outdoor recreation.
“Broadstone Sixteen 75 represents a best-in-class core quality multifamily community located in a premier infill location in the highly desirable North Central neighborhood of Phoenix,” said Fogler.
Built in 2015, Broadstone Sixteen 75 sits on 5-acres and offers spacious one-, two-, two-bedroom with den and penthouse/loft-style residences. The community features a mix of high-end finishes and amenities, such as upgraded fixtures and appliances, granite countertops, gas cooktops, GE stainless steel appliances, two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area and direct-access podium-style parking garage.
