Cushman & Wakefield announced today the sale of Broadstone Sixteen 75, a 225-unit luxury Class A apartment community, located at 1675 East Morten Avenue in Phoenix. An entity formed by ConAm Asset Management Corporation of San Diego, Calif. purchased the property for $60 million ($266,667 per unit).
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 .
Broadstone Sixteen 75 is a recently completed and leased, Class A apartment community located 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 superior 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.