ARA, A Newmark Company (ARA Newmark) announces the $47.5 million sale of The Urban, a 435-unit multifamily community located in Phoenix, AZ.
Executive Managing Director Brad Goff and Director Chris Canter brokered the off-market sale on behalf of the seller, San Francisco-based FPA Multifamily. The buyer was Texas-based Knightvest Capital. The acquisition was Knightvest’s first in the Phoenix market.
Constructed in 2005, The Urban offers a mix of studio, one-, two- and three-bedroom unit types with washer and dryer in every unit, modern kitchens, built-in microwave oven and large closets. Community amenities include two swimming pools with jacuzzi, a newly renovated fitness center with free weights, clubhouse with kitchen, coffee bar and lounge area with fireplace, a theater room, conference room with wifi and barbecue and picnic areas throughout the property.
“The Urban’s strategic location, with nearby access to multiple freeways and Light Rail which provides residents with convenient access to approximately 550,000+ jobs within a 15-minute drive, drove investor demand, particularly with its opportunity for some renovation and upside in rents. The buyer plans to continue the value add program previous ownership had in place to take advantage of the Valley’s strong resident demographics and continued population growth” said Goff.