Avanti Residential Sells Scottsdale Community
The firm sold the nearly fully-occupied community, which it acquired in 2016, to 29th Street Capital.

Dwell. Courtesy of Avanti Residential
Avanti Residential has doubled the return for its 193-unit community in Scottsdale, Ariz. after more than six years of ownership, selling Dwell Apartment Homes to 29th Street Capital for $41.6 million.
Institutional Property Advisors‘ Steve Gebing and Cliff David represented Denver-based Avanti in the transaction, while the buyer represented itself.
Dwell was initially built in two phases between 1963 and 1975. Avanti acquired the community from 3rd Ave Investments in December 2016 for more than $20.8 million, according to Yardi Matrix data. With several years under Avanti ownership, the community is now 91.7 percent occupied, according to the same data.
The property offers studio, one- and two-bedroom units ranging from 475 to 810 square feet. The units were built with private balconies and patios, while the community’s amenities include a fire pit, dog park, courtyard with barbecue area, fitness facility, clubhouse, package receiving, three swimming pools and three laundry facilities. The community is also expected to continue to rise in value since 78 percent of the apartments will see planned interior upgrades.
Located at 1923 N 70th St., residents are within driving distance of Scottsdale’s downtown, which includes many restaurant and retail options, and area attractions like the Phoenix Zoo, Casino Arizona and Papago Park.
Recapitalize and renovate
Avanti, which has a 9,000-unit apartment portfolio, plans to keep its portfolio tiled toward newer core-plus properties across the U.S.
The company recently recapitalized its 184-unit Sunset Peak apartment community in Thornton, Colo., and has plans to complete a $5.3 million renovation for the interiors, amenities and exterior improvements. In November, Avanti partnered with FCP to acquire a 382-unit apartment community in Phoenix for $65 million with similar plans for capital reinvestment.