Newmark Knight Frank (“Newmark”) announces it has arranged the $96 million sale of The Urban, a ten-building 435-unit multifamily property, in Phoenix, Arizona.
Newmark’s Senior Managing Director Brett Polachek, Executive Managing Director Brad Goff and Managing Director Chris Canter represented the seller, Knightvest Capital. The buyer was TruAmerica, a Los Angeles-based multifamily investment firm.
“The sale of The Urban is emblematic of the strength of the Phoenix apartment market and the continuing rent growth in East Phoenix as well as the entire metropolitan area,” said Goff. “TruAmerica intends to continue the renovation and “value add” program at the Urban and further promote value. The Urban’s location, as well as quality construction, lends itself well to extended growth in rental rates and future potential.”
The reinvigorated institutional-quality property, located at 3601 E. McDowell Road, is a unique 2000’s community with tremendous value-add upside. The property features a mix of studio, one-, two-, and three-bedroom unit types and is ideally located within a 6-mile radius to the heart of Downtown Phenix, Biltmore Fashion Center, Old Town Scottsdale, Camelback Mountain, Arizona State University Papago Park and the Phoenix Sky Harbor Airport.
More than half the units have received upgrades including full fresh paint and new finishes, kitchen appliances and hardware. The property features a centrally located pool and spa, clubhouse, state-of-the-art fitness center, covered parking, controlled access entry and in-unit laundry options.Polachek, Goff and Canter have been extremely active as of late, completing more than $770 million in sales the past year with six currently in escrow, further confirming Metro Phoenix’s expected growth and quality underlying real estate fundamentals.