Urban Communities has acquired Avenue 15 Apartments, a 148-unit apartment complex in North Phoenix, for $14.8 million from a real estate investment partnership. The property is a rare value-add opportunity in the market.
The property has 12 three-story buildings totaling 152,102 rentable square feet. It is close to the 19th Avenue Light Rail. It hasn't been renovated since its construction in 1972.
Kidder Mathews' multifamily investment broker Karl Abert represented Urban Communities in the 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.
