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Cornerstone Fund Pays $40M for Level at Sixteenth

PHOENIX-The 240-unit, mid-rise apartment property trades for $166,666 per unit - one of the highest recorded prices for the year.

By Jennifer Duell Popovec | Updated on July 18, 2011

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.

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