Newmark sells Urban Park Apartments in Downtown Phoenix for $20.8M
Newmark Knight Frank (“Newmark”) announced it has completed the sale of Urban Park Apartments, a 104-unit multifamily property in Downtown Phoenix.
Newmark’s Managing Director Chris Canter, Senior Managing Director Brett Polachek and Executive Managing Director Brad Goff represented the seller, Allante Properties. The buyer was Clear Capital. Polachek, Canter and Goff have been extremely active as of late, completing more than $800 million in sales the past year with four more currently in escrow, further confirming Metro Phoenix’s expected growth and quality underlying real estate fundamentals.
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“Urban Park is a fully renovated turn-key asset in the revitalized mid-town Phoenix submarket,” said Canter. “The seller, Allante Properties, spent over $3 million in the past 3+ years to beautifully renovate both the interiors and exterior of this immaculate 104-unit apartment complex.”
Urban Park Apartments, located at 948 E. Devonshire Avenue, features updated landscaping, a dog park, 24-hour maintenance, an on-site manager, a swimming pool and picnic area with barbecues, and in-unit upgrades.
The Greater Phoenix multifamily segment has proven resilient in the last year due to its steady and dynamic fundamentals: population inflows, job growth and the supply/demand equilibrium in units. According to Newmark Research, vacancy rates and cap rates finished 1Q21 at 3.7% with average asking rates reaching $1,286. Units under construction totaled 16,470, and sales price per unit averaged $203,151.