JLL Arranges $22M Apartment Community Sale in Phoenix

The deal marks the first downtown Phoenix apartment project to be constructed and traded in the market's post-recession upswing.
333 E McKinley St, Phoenix, Ariz

333 E McKinley St, Phoenix, Ariz

PhoenixJLL has announced the sale of Proxy 333, a 118-unit community in the heart of downtown Phoenix. Weidner Apartment Homes paid $21.8 million to acquire the 69,335-square-foot property at 333 E. McKinley St.

Each unit of the six-story building features a private patio or deck, upgrade appliances and designer interior selections. Community amenities include a 24-hour concierge service, a private fitness center and an exclusive rooftop lounge, among others. At the time of sale, the community was approximately 45 percent leased. The property’s developers and former owners, Goodman Real Estate and Tilton Development Co., have been represented by Executive Vice President John Cunningham and Senior Vice President Charles Steele with JLL.

With the acquisition of Proxy 333, Weidner now owns a portfolio of 38 properties in Arizona, totaling 12,000 units. The deal marks the first downtown multifamily project to be constructed and sold post-recession in Phoenix.

Image Courtesy of JLL