Urban Communities Expands AZ Footprint

Seller Firefly Modern Rentals received $14.7 million for Avenue 15. The asset encompasses 148 units and is located in northern Phoenix.
Avenue 15. Image courtesy of Kidder Mathews
Avenue 15. Image courtesy of Kidder Mathews

Urban Communities, an entity controlled by Thomas Pride International, has purchased Avenue 15, a 148-unit multifamily property located in the North Central Phoenix area. According to Yardi Matrix data, Firefly Modern Rentals sold the community for $14.7 million. The previous owner acquired the property in 2017 using a $7.3 million loan.

Located at 1609 West Glendale Ave., Avenue 15 is 10 miles north of downtown Phoenix. The community is close to the 19th Avenue Light Rail, as well as Interstate 17. There are several dining and retail establishments within a two-mile radius.

Completed in 1972 and situated on 4.6 acres, Urban Communities and Shelton Cook Property Management plan to update and reposition the property. The 12 buildings encompass 152,102 rentable square feet across two- and three-bedroom units. Common-area amenities include a swimming pool, three laundry facilities and a clubhouse.

Kidder Mathews’ Karl Abert represented Urban Communities in the transaction. The company has previously worked together with the buyer on a $8.7 million transaction involving a 128-unit community also located in Phoenix.