Phoenix Community Trades for $37M
Institutional Property Advisors represented the seller and procured the buyer in the transaction.
Living Well Homes, a division of Sheiner Group, has sold Azul, a 227-unit apartment community in Phoenix. A private buyer purchased the property for $37.1 million, or $163,436 per unit, with the help of a $27.8 million acquisition loan issued by Manufacturers and Traders Trust Co., according to Yardi Matrix information.
Institutional Property Advisors brokered the sale on behalf of the former ownership and procured the buyer.
The property traded last in 2015, when Sheiner Group acquired the asset from The Picerne Group for $14.7 million, the same data provider shows.
Azul, up close
Completed in 1986, Azul is a garden-style community encompassing 16 two-story buildings across an 8-acre site. The units have studio, one- and two-bedroom layouts ranging in size from 400 to 1,000 square feet. Amenities at the property include two resort-style swimming pools, a spa, a fitness center, picnic areas with barbecue grills, covered parking and on-site management.
The community is at 8111 North 19th Ave., less than 10 miles north of downtown Phoenix. The community is near Interstate 17, adjacent to the Albertsons Center and across the road from Sprouts Farmers Market.
Institutional Property Advisors Executive Managing Directors Cliff David and Steve Gebing worked on behalf of the seller in the transaction and procured the buyer.
As of March, advertised asking rents in Phoenix decreased by 3.0 percent year-over-year, according to a recent Yardi Matrix multifamily report. Nationwide, advertised rents rose by $5 to $1,755, marking a 1.0 increase since the previous year. During the first quarter of 2025, the national occupancy rate stood at 94.5 percent.
