Phoenix Asset Trades for $58M
- Jan 21, 2020
PrivatePortfolio Group has acquired Circa Central Avenue in Phoenix for $57.5 million, Maricopa County public records show. Tilton Development Co., in partnership with Hunt Cos. and Ryan Cos., developed the 227-unit community in 2019. Nationwide Life Insurance Co. originated a $31.6 million acquisition financing for the new owner. The loan is set to mature in 2030.
Located at 1505 N. Central Ave., less than a mile from Interstate 10, the asset is adjacent to the McDowell/Central Avenue rail station and within walking distance of several dining and retail options. Circa Central Avenue is also within close proximity to the Japanese Friendship Garden of Phoenix and Monterey Park. The community comprises studio, one- and two-bedroom apartments with floorplans ranging between 530 and 1,230 square feet. Common-area amenities include rooftop pool and gaming area, electric charging station, dog park and fitness center. According to Yardi Matrix data, the property was 88.1 percent occupied as of November.
Recently, Hunt Cos. and Oakwood Development Group broke ground on the first phase of Herndon Square. The $166 million, five-phase mixed-income and mixed-use development will deliver hundreds of affordable housing units in Atlanta.