Phoenix Luxury Community Sells for $30M

2 min read

The gated community is 5 miles from central Phoenix and close to many of the city’s top employers.

Proximity on 16th. Image courtesy of Northmarq
Proximity on 16th. Image courtesy of Northmarq

Avenue North has sold Proximity on 16th, an 85-unit luxury single-family rental community located at 7500 S. 16th St., to Bridge Founders Group for $30 million. A Phoenix-based Northmarq investment sales team represented the seller in the transaction.

Proximity on 16th was built in 2021 on 6.7 acres and totals 85,935 square feet of space, according to CommercialEdge data. The community offers a mix of one-, two- and three-bedroom homes in one- and two-story arrangements, which range from 679 to 1,339 square feet. Each home is equipped with stainless steel appliances, quartz countertops, plank flooring, walk-in closets and individual laundry units. Additionally, each unit has its own private backyard. The community’s amenities include a swimming pool, covered parking garages and parking spaces, as well as electric vehicle charging stations. At the time of the sale, the community was 95 percent occupied. The entire development is situated within 5 miles of central Phoenix and is in close proximity to many of the city’s top employers and recreational attractions, as well as Sky Harbor International Airport.

The Northmarq team was led by Investment Sales President Trevor Koskovich, Executive Vice President Bill Hahn, Associate Vice President Ryan Boyle and Managing Director Jesse Hudson.

Phoenix luxury lights up

Despite posting some of the highest fundamentals of 2021, the Phoenix multifamily market has slowed down a bit, with rent growth increasing by just 0.4 percent and occupancy sliding down by 50 basis points to 95.7 percent, according to data from a June 2022 Yardi Matrix report. Still, the city’s strong economy and location have wooed many investors and developers, as the city has seen almost $3 billion in transactions through April, data from the report shows.

Other recent luxury multifamily headlines around Phoenix include Thompson Thrift’s recent groundbreaking on The Gilmore, a $225 million mixed-use apartment and retail space, as well as  KB Investment Development’s acquisition of the 280-unit Green Leaf Arts District in May.

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