Avanti Residential has sold the 193-unit Dwell Apartment Homes for $41.6 million to Chicago-based 29th Street Capital. The sale is part of Avanti's strategy to reallocate its 9,000-unit apartment portfolio toward newer core-plus properties nationwide.
The mid-century project is located near the intersection of Scottsdale and McDowell roads and benefits from Scottsdale's high-end employment, retail, dining and entertainment offerings.
Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself.
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