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PHOENIX-Curtis Capital Group LLC has purchased the Pavilions on Camelback for $9 million from TPOC LLC, a entity representing Gray Development. The $140,625 per-unit price is the highest on record for a multifamily property in the Phoenix market, according to David Fogler of Grubb & Ellis/BRE Commercial.

“It’s truly one of the best submarkets in Phoenix,” Fogler, a senior vice president with Grubb & Ellis/BRE Commercial, tells GlobeSt.com. “They plan to operate it as a rental community with the possibility of converting to condos.”

Gray Development built the 64-unit class A property in 1995 at 4848 N. 36th St. in the upscale Camelback corridor. The deal marks Sammamish, WA-based Curtis Capital Group’s first acquisition in the Phoenix market. The 154,072-sf community is designed with two-story buildings and units averaging 1,000 sf.

The mix includes 16 one-bedroom apartments, 30 two-bedroom units and 18 three-bedroom apartments. The rent averages just north of $1,300 per month. Occupancy was at 95% at closing. Fogler and Steve Nicoluzakis of Grubb & Ellis/BRE Commercial’s Phoenix office represented both parties in the deal.

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