PHOENIX-Level at Sixteenth, one of the city’s newest, mid-rise apartment communities, has a new owner. A fund advised by Cornerstone Real Estate Advisers acquired 240-unit, infill property for $40 million from local developer, Alliance Residential.
The sale marks one of the largest multifamily deals to close this year in terms of overall price. And, at $166,667 per unit, the sale also markets one of the highest prices paid per units in 2011, according to Real Capital Analytics.
During the first half of 2011, nearly $800 million worth of Phoenix area apartment properties have changed hands, according to Real Capital Analytics. The average price per unit was $57,328.
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