Urban Communities Sells Phoenix Community for $35M
The company acquired the asset in 2021.
Denali Apartments LLC has acquired Seventh, a 286-unit apartment community in Phoenix. Cushman and Wakefield represented Urban Communities in the transaction, which sold the asset for $34.8 million.
The property has been under the previous ownership since 2021 when the company purchased the property for $38.3 million, from Sterling Real Estate Partners, according to Yardi Matrix information, with the aid of a $35 million loan, originated by The Davis Cos. Urban Communities completed capital improvements at the property in the last four years.
Located at 5145 N Seventh St. on a 5-acre site, the community is some 5 miles north of downtown Phoenix. Seventh is also within 2 miles of several shopping centers, anchored by Whole Foods Market, Best Buy and Trader Joe’s.
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Completed in 1970, Seventh comprises 11 two-story buildings. The apartments have studio, one-, two- and three-bedroom layouts, with floorplans ranging from 470 to 1,370 square feet. Common-area amenities include two swimming pools, a fitness center, a clubhouse, a tennis court and grade-level parking with over 300 spots.
Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis arranged the transaction on behalf of Urban Communities.
Recent transaction activity in Phoenix
Phoenix multifamily transaction volume clocked in at $1.3 billion in the first six months of 2025. This marked an investment decline compared to the $1.9 billion registered during that same period last year, according to Yardi Matrix information. A total of 25 properties changed hands as of June, at an average per unit price of $286,610.
In recent deals taking place in the metro, Living Well Homes, a division of Sheiner Group, has sold Azul, a 227-unit apartment community in Phoenix. A private buyer purchased the property for $37.1 million.
A larger transaction also closed last month, when Ares Management acquired Zaterra, a 392-unit luxury community in Chandler, Ariz., a Phoenix submarket, for $137.5 million.
