Allante Properties Enters Phoenix Market with $8.7 Million Purchase of Apex off 7th Street Apartments
The Apex off 7th Street
Price: $8,750,000 Total units: 104 Date: 11/21/2017 Denver-based Allante Properties, LLC has entered the Phoenix investment market with the $8,750,000 purchase of Apex off 7th Street, an apartment community at 948 E. Devonshire Ave., arranged by Bill Hahn, Trevor Koskovich, and Jesse Hudson negotiated the transaction. Allante Properties, LLC of Denver purchased the property from Villa Mirada Estates, LLC of Los Angeles. “This acquisition offered an outstanding opportunity to participate in the renaissance of Uptown Phoenix,” says Bill Hahn, executive vice president. “The area has become increasingly appealing to residential tenants. The influx of creative, new restaurants and retail spaces, as well as the light rail system have re-positioned Central Phoenix as a 24/7 destination.” “The property has incredible upside potential because of its strong location,” says Koskovich. “Capital improvements to the community would quickly be converted to additional income for the new owner. Very few properties of this size and location caliber are available in the market.” Allante Properties, LLC owns a variety of assets in the greater Denver area. This marks the company’s first acquisition in Arizona. The company invests in new developments, single tenant net lease assets, value add opportunities and short/long term debt. Apex off 7th Street was built in 1980 and contains 104 units in seven buildings. The community provides one and two-bedroom units ranging from 600 to 850 square feet. On-site laundry facilities, tennis court and a sparkling pool are provided for residents. Situated on 2.84 acres of land near 7th Street and Indian School Road, Apex off 7th Street, the community is just minutes from State Route 51. Located in the heart of Uptown Phoenix, the property is surrounded by high quality schools, medical facilities and retail amenities. Apex off 7th Street is equal distance from the Downtown and Biltmore areas. This provides unparalleled access to education, employment and lifestyle amenities.
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
