Baron Properties Sells Phoenix Asset for $9M
- May 30, 2019
Baron Properties has sold the 68-unit Uptown 68 community in Phoenix for $9 million to a private investor, according to Yardi Matrix information. New York Community Bank provided the new owner with a $5.9 million acquisition loan. The seller had acquired the property in 2016 for almost half the current price and repositioned the asset through significant renovations.
Located at 337 W. Pasadena Ave., Uptown 68 consists of studio, one-, two- and three-bedroom apartments, with floorplans ranging from 400 to 1,000 square feet. Completed in 1958, the four two-story buildings are spread across a 1.4-acre site. Common-area amenities include two swimming pools, a laundry facility and a stand-alone rental office. Situated in a dense residential area, the community is close to retail and dining establishments, as well as public transit. Additionally, the asset is less than 5 miles north of downtown Phoenix. Per Yardi Matrix information, the property was 89.7 percent occupied as of April.
Last May, Baron Properties—this time in partnership with Buchanan Street Partners—sold another Phoenix community: The 260-unit Vue Park West, which changed hands for $43.6 million.