New Phoenix Community Changes Hands for $59M
The sale of Alta Fillmore, a 230-unit apartment community is expected to close in late November. Pure Multi-Family plans to fund the purchase with cash on hand and debt financing.
By Evelyn Jozsa
Alta Filmore
Pure Multi-Family REIT LP has entered an agreement to acquire Alta Fillmore, a 230-unit, Class A apartment community in Phoenix, for $59 million. The deal is expected to close in late November. The firm intends to fund a portion of the purchase price with cash on hand and new debt financing.
Developed in 2016, the property is located at 601 W. Fillmore St. and occupies four acres. Fillmore Street and Seventh Avenue offer easy access to downtown Phoenix. The building comprises a mix of one-, two- and three-bedroom units, averaging 934 square feet. The apartments feature high-end amenities such as oversized quartz countertops and islands, stainless steel appliances, vinyl plank flooring, full size in-unit washers and dryers, walk-in closets and built-in shelving. Community amenities include:
- a rooftop lounge
- pet areas with dog washing stations
- fenced dog run
- club room with 13-foot TV
- demonstration kitchen
- ultra-luxe pool
- spa
- cabanas with towel service
- bike shop
- grass grills
- on-site coffee shop
“We are pleased to add to our Phoenix portfolio as we continue to acquire new and nearly new properties with market leading amenities in dynamic locations that we believe are well positioned for future growth,” said Stephen Evans, chief executive officer of Pure Multi-Family, in prepared remarks. The company has also recently expanded its Texas portfolio with a 340-unit community in Dallas.
Image courtesy of Yardi Matrix
