CREC JV Buys $48M North Phoenix Asset
Sound Point Capital Management provided acquisition financing for the value-add property.
A partnership between CREC Real Estate and Rincon Capital Partners has acquired Ascent 1829 Apartments in North Phoenix for $48 million, Yardi Matrix data shows. The seller was a private owner who previously paid $30.9 million in 2020 for the 180-unit community.
Sound Point Capital Management originated and funded a $39.2 million acquisition loan, according to the same data provider. The new owners plan to invest $4.2 million to upgrade the property’s common areas and unit interiors.
Completed in 1980, the community encompasses 15 buildings, with studio, one- and two-bedroom apartments, averaging 658 square feet. Community amenities include a fitness center, a clubhouse, a swimming pool with spa and laundry facilities.
Located at 1829 E. Morten Ave., Ascent 1829 is next to Sumida Park and within a mile from other green areas, including Granada Park. Biltmore Fashion Park and other retail options, including Whole Foods, Best Buy and Target, are within 3 miles of the community.
Phoenix is one of the top 5 markets in the country for rent growth year-over-year through March, the latest Yardi Matrix report shows. Rents increased by 20 percent or more in Miami, Orlando, Tampa, Las Vegas and Phoenix, fueled by the ongoing migration to the Southeast and Southwest.