June 17, 2019— Avenue 15 Apartments, a 148-unit apartment complex located at 1609 West Glendale Avenue in Phoenix, Arizona, has sold for $14,725,000. The buyer was Urban Communities, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Avenue 15, LLC, a real estate investment partnership. Kidder Mathews’ multifamily investment broker, Karl Abert, represented Urban Communities in the transaction.
Avenue 15 Apartments consists of 12 two and three-story buildings, equaling 152,102 rentable square feet, with exceptionally large units. It is situated on 4.61 acres in an upscale single-family neighborhood in the prominent North Central Phoenix area, close to the 19th Avenue Light Rail.
The Avenue 15 community is a condominium reversion and an add-value, socially-conscious workforce housing opportunity. Workforce housing refers to affordable housing for households with earned income that is not sufficient to allow for quality housing in the area they work in. Urban Communities and Shelton Cook Property Management plan to update and reposition the previously un-renovated 1972 constructed complex.
Add-value opportunities in the North Phoenix corridor are virtually nonexistent.
“The Urban Communities partners enthusiastically appreciate the unique opportunity to acquire the 148-unit Avenue 15 Apartments and execute their proven, innovative, and award-winning multifamily community transformation,” said Abert. “The Central Phoenix corridor will be significantly enhanced and improved by another distinguishing Urban Communities multi-residential community,” he said.