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For $29.5M a 117-unit multifamily Phoenix community changes hands, Cushman & Wakefield reports

photo of Phoenix property brokered by Cushman and Wakefield
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s multifamily advisory group in Phoenix represented the seller, Avalon, in the transaction. (File Photos/
Cushman & Wakefield: Renovated asset found in Biltmore enclave of Phoenix
Staff Reports | Digital Free Press

Cushman & Wakefield earlier today announced the firm has brokered the sale of Avalon, a fully renovated, 117-unit multifamily community found at 3851 N. 28th St. in Phoenix.

The property sold for $29.5 million, or $252,137 per unit, to CS Large Cities Housing Fund, LP, Cushman & Wakefield officials report.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s multifamily advisory group in Phoenix represented the seller, Avalon — where TK Stratton and David Day serve as principals — in the transaction.

“Avalon presented a stable investment opportunity for a fully renovated, quality apartment asset in a sought-after location,” said Steven Nicoluzakis, executive managing director, in a prepared statement.

“Originally constructed in 1973, the seller had completed an extensive interior and exterior renovation creating a more modernized housing community in the highly desirable Biltmore area of Phoenix. Avalon rental rates are below the area’s average, providing prospective residents an affordable option in Biltmore. Avalon residents also benefit from exceptional access to employment, restaurants, retail shops and nightlife options as well as nearby parks and recreational activities.”

Avalon consists of 81 one-bedroom units and 36 two-bedroom units. On-site amenities include a resort-style pool, outdoor kitchen, game area, fitness center, and covered parking, Cushman & Wakefield officials say.

Avalon is within minutes of Downtown Phoenix, Scottsdale, Tempe, and Sky Harbor International Airport in the Biltmore neighborhood. Residents are within minutes of the premier retail, dining, and entertainment destinations along Camelback Corridor, Old Town Scottsdale, and Downtown Phoenix.

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