Urban Communities Adds 357 Units to Apartment Portfolio

Urban Communities S29, an entity formed by Urban Communities, has acquired Standard on 29th in Phoenix for $30 million. The property has 357 units, a mix of studio and one-bedroom apartments, along with four swimming pools, four laundry facilities and a sand volleyball court.

Urban Communities plans to reposition and rebrand the property and naturally drive rents, which are currently below market value. SPL Real Estate sold the property.

The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction.

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