SCOTTSDALE, AZ - ORION Investment Real Estate announced the sale of Urban 55, a 209-unit apartment complex located on 55th Avenue and Camelback Road in Glendale, Arizona, currently one of the fastest growing cities within the Phoenix MSA. Lacey Eyman and Jon Coffen of ORION represented the buyer and seller in the off-market transaction.
“Lacey and I were pleased to assist this Buyer with their largest acquisition to date. While entering the market only 2 years ago, this purchase puts their portfolio near 2000 units in the Phoenix Metro. The Buyer plans a full renovation of the 209-Unit complex taking advantage of the strong rental demand in Glendale,” said Coffen.
Built in 1984, Urban 55 is a two level, garden-style apartment community situated on six plus acres, with 12 multi-residential buildings, a large resort style pool and spa, a centrally located clubhouse, a sport court, multiple barbecues and mature landscaping across several courtyard areas, as well as, ample covered and guest parking. The unit mix consists of 48 studios, 160 one bed/one bath units, and 1 large two-bed/one bath unit. Units include full size baths, fully appointed kitchens, patios and ample closet space. Due to its central “urban core” location, residents enjoy access to major arterials and freeways which easily connects them to entire Valley of the Sun.
The 100% occupied property is located in an Opportunity Zone, near Grand Canyon University, and traded for $162,550 per unit and over $381 per square foot.