Phoenix, Arizona – The 188-unit Urban 188 apartments, located at 1601 West Camelback Road in Phoenix, Arizona, sold this month for $17 million ($90,425 per unit)
The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
Urban 1601 Property LLC, of Phoenix, Arizona, was the buyer.
“Urban 188, recently renovated in 2017, features upgraded interiors, a remodeled leasing office, and an abundance of contemporary amenities,” says Hudson. “Acquiring a clean and turn-key asset allows the buyer to spend little on capital improvements and benefit on in-place cash-flow. “Hudson also noted that the property’s proximity to the light rail will likely improve property values as it encourages redevelopment and gentrification of the surrounding areas.
Urban 188 apartments, built in 1970, comprises 188-units situated on 22.30 acres. The community is a blend of 57 percent studios units, 42 percent one-bedroom, units and 1 percent two-bedroom units. The property, located on the south side Camelback Road east of 17th Avenue, is near manufacturing and warehousing employment along Interstate 17. Urban 188 is also located along the Metro light rail line with a station located just two blocks west at the intersection of 19th Avenue and Camelback Road, providing easy access to downtown Phoenix, Tempe and Mesa. The immediate neighborhood surrounding Urban 188 comprises a mixture of single-family homes, multifamily projects, and commercial developments.
1601 W. Camelback Rd. LLC, of Las Vegas, Nevada, was the seller.