Bluerock Real Estate has acquired Avenue 25, a 254-unit luxury community in Phoenix, from Milburn & Co. CBRE negotiated on behalf of the seller and procured the acquisition financing for the buyer. Yardi Matrix data shows the Class A property last traded in 2017, when Milburn purchased it for $40.3 million from TruAmerica Multifamily.
Located at 18250 N. 25th Ave. in the Deer Valley submarket, the community consists of 17 one- and three-story buildings developed in 2014 across nearly 9 acres. The unit mix features one- to three-bedroom apartments averaging 1,015 square feet. Amenities include a heated pool with spa and cabanas, fitness center, clubhouse with a coffee bar, game room with pool table, business center and dog park, as well as electric car charging stations. The property was 97.2 percent occupied as of December, according to Yardi Matrix data.
Avenue 25 is some 16 miles north of downtown Phoenix, adjacent to Interstate 17. The immediate area has several shops and restaurants, with three shopping malls within a two-mile radius.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller in the deal. Rocco Mandala of the firm’s Multifamily Debt & Structured Finance team arranged the acquisition financing.
In August, Bluerock purchased another community in the Phoenix metro. The 644-unit property in Scottsdale, Ariz., commanded almost $81 million.