Partially Affordable Community Trades in Phoenix

In a deal orchestrated by Institutional Property Advisors, ReNUE Properties acquired Legacy Bungalows in Phoenix for 26.1 million.
Legacy Bungalows. Image courtesy of Institutional Property Advisors

Legacy Partners has sold Legacy Bungalows, a 200-unit partially affordable community in Phoenix. ReNUE Properties paid $26.1 million for the property, or $130,500 per unit. Earlier this month, the company sold a value-add asset in Mesa, Ariz. 

The 2002-built community encompasses studios, one-, two- and three-bedroom units ranging between 695 and 1,099 square feet. According to Yardi Matrix, 84 units are affordable. Community amenities include a business center, clubhouse, controlled access, fitness center, spa, swimming pool and parking.  

Located on 6.4 acres at 1350 W. Van Buren St., Legacy Bungalows offers easy access to major thoroughfares including interstates 10 and 17, as well as routes 51, 60 and 202. Downtown Phoenix, the Southwest Valley industrial corridor, the Airport area and the 44th Street and Gateway corridors are all nearby. Chase Field, the Talking Stick Resort Arena and Roosevelt Row Artists’ District are situated within a 2-mile radius.

Institutional Property Advisors Senior Managing Directors Steve Gebing and Cliff David represented the seller and buyer in the transaction.