Urban 148 Apartment Community in North Central Phoenix Sells for $24+ Million

Colliers Handles Sale and Arranges Financing for the Purchase

Phoenix (October 14, 2025) — Urban 148, a garden style apartment complex located at 1609 W. Glendale Ave. in North Central Phoenix, has sold for $24,050,000. Chicago-based 29th Street Capital purchased the property from Phoenix-based Urban Communities.

“The buyer was able to acquire the Urban 148 significantly below replacement cost with positive leverage and strong operations due to the infill location, lack of affordability in the submarket and lack of new supply due to zoning and density limitations of immediate area,” said Chris Roach, vice president with Colliers. “The seller invested capital into renovating the interiors and the buyer plans to invest significant capital into roofs and exterior deferred maintenance that had recently accrued due to the seller’s high interest rate debt. Colliers mortgage used their leverage as a DUS lender to originate best in class agency financing for the buyer.”

Roach, Brad Cooke, Matt Roach and Cindy Cooke of Colliers handled the sale transaction. Financing for the purchase was provided by Shahin Yazdi and Jonthan Lee Colliers Mortgage Los Angeles in partnership with Luke Donahue and Patrick O’Donnell Colliers Mortgage Phoenix.

“We were pleased to provide another best-in-class execution for our institutional repeat client, leveraging collaboration and the depth of our capital markets platform and team,” said the Colliers Mortgage Team. “The fixed rate financing at 80% of acquisition price was one of the first full leverage agency acquisition loans funded in Phoenix this cycle.”

Urban 148, constructed in 1974, contains 148 apartment units across 12 two-story buildings on a 5.18-acre site. The community offers large two- and three-bedroom floorplans averaging 1,023 square feet. Amenities at Urban 148 include a clubhouse, kitchen and dining room, yoga studio, playground, picnic area, sparkling pool, and grill station. Located near 15th and Glendale avenues, Urban 148 features an exceptional infill location with strong surrounding demographics. The property is just one block from Valley Metro Rail and within minutes of Interstate 17.