Knightvest Capital acquired Pavilions on Central Apartments for $73,650,000, according to Vizzda. The seller was Security Properties, who acquired the property in 2018 for $59,000,000.
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Pavilions on Central is a 254-unit multifamily property located in Phoenix. The property is located within the Midtown neighborhood of Phoenix. Similar to the valley’s other core urban markets like Downtown Phoenix, Downtown Tempe or Old Town Scottsdale, Midtown offers an urban environment with walkability, connectivity, a plethora of amenities and a true work-live-play setting. Camelback Road and Central Avenue, the heart of Phoenix’s midtown area, lies just a ½ mile north of the property and is a thriving hub for popular restaurants, boutique shops, office space, light rail and historic neighborhoods.
The property sits adjacent to a light rail stop at the intersection of Central Avenue and Campbell Avenue, providing direct access to major employment / entertainment centers including Downtown Phoenix, Downtown Tempe and Sky Harbor International Airport. The property is also positioned in a highly visible location fronting Central Avenue, the main north/south transportation corridor in the city core.
Pavilions on Central is a garden-style apartment community that was constructed in 2000. The residential units are a mix of one, two and three-bedroom floorplans with an average unit size of 1,109 SF. Unique from the other apartment communities in this area, over 70% of units are either loft or townhome style with direct access garages in a total of 216 units (~85%).
