Avanti Residential Sells Dwell Apartments in Scottsdale for $42M
29th Street Capital has acquired the 193-unit complex.
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.
Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area.
Denver-based Avanti Residential most recently recapitalized its Sunset Peak apartment community in the Denver area, where Avanti plans a $5.3 million renovation. The firm continues to acquire select core-plus and value-add apartments on behalf of its institutional and private capital partners.