Taurus Investment Buys Phoenix Community for $26M
The health care industry dominates the neighborhood around the 18-building community just north of downtown.
Taurus Investment Holdings has made its Phoenix debut by acquiring Avenel on 16th, a 200-unit garden-style community just north of the city’s downtown. Rincon Partners sold the asset for $25.9 million, according to Yardi Matrix data, with NorthMarq Capital originating an $18.8 million Freddie Mac loan for the deal.
Located at 3815 N. 16th St., Avenel on 16th was built between 1981 and 1984 and offers studio, one- and two-bedroom units. Common-area amenities include a spa, laundry facilities and two swimming pools. The property also features 288 parking spaces.
The 18-building community sits on a roughly 5 acre-site off State Highway 51. Most of the residents in the immediate area work in the health care industry and six major hospitals are within a 2-mile radius. The surrounding area also has several retail and dining options, including the Camelback Colonnade shopping center 2 miles from the property. Avenel on 16th is less than 3 miles from downtown Phoenix and 6 miles from Phoenix Sky Harbor International Airport.
Last month, NorthMarq arranged a $38.4 million Freddie Mac loan for the refinancing of Balmoral Village, a 312-unit community in Peachtree City, Ga.