North Central Phoenix Value-Add Commands $32M
Pacific Reach Properties sold the garden-style community after 7 years of ownership.
City 15 Apartments. Image courtesy of ABI Multifamily
Rise48 Equity has acquired City 15 Apartments, a 161-unit value-add property in Phoenix, from Pacific Reach Properties. ABI Multifamily’s Institutional Apartment Group brokered the $32.3 million transaction.
According to Yardi Matrix data, the buyer took out a $24.4 million loan from One William Street Capital Management to finance the acquisition. In 2014, Pacific Reach paid $10.9 million to H3T Legacy Capital for the 22-building property.
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Formerly known as Highland Gardens and Camelback Corridor, the garden-style community is situated at 4728 N. 15th St. in North Central Phoenix. The 1969-built property encompassed one- and two-story buildings, with a mix of studios and one- and two-bedroom apartments averaging 658 square feet.
Amenities include three swimming pools, a spa, a fitness center, basketball and tennis courts, as well as a clubhouse. Open and covered parking spaces are available on site.
Located between Interstate 17 and State Route 51, the property sits just west of Camelback Marketplace. The Phoenix Sky Harbor International Airport is approximately seven miles south from the asset. Roughly six miles of downtown Phoenix, City 15 is surrounded by a multitude of dining and entertainment venues.
ABI Multifamily Senior Partners Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick arranged the sale of the asset. Mid-June, the same team facilitated a $26.7 million value-add transaction in the same metro. Rise48 Equity purchased the 166-unit Cascada Del Sol from Sheiner Group.
