Rare North Phoenix Value-Add Trades Hands

Urban Communities has acquired Avenue 15 Apartments, a 148-unit apartment complex in North Phoenix, for $14.8 million from a real estate investment partnership. The property is a rare value-add opportunity in the market.

The property has 12 three-story buildings totaling 152,102 rentable square feet. It is close to the 19th Avenue Light Rail. It hasn’t been renovated since its construction in 1972.

Kidder Mathews’ multifamily investment broker Karl Abert represented Urban Communities in the transaction.