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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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.