Posted Nov 30, 2017, 7:55 PM
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Join Date: Dec 2010
Location: North Mesa
Posts: 1,631
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Quote:
Originally Posted by Obadno
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Quote:
Wood Partners has sold the the Alta Fillmore apartment development in downtown Phoenix to a Canadian real estate investment trust for $59 million or $256,522 per unit.
The project is on Seventh Avenue and Fillmore Street on the west end of downtown Phoenix. ABI Multifamily brokered the big sale.
Alta Fillmore offered the buyer, Canada-based Pure Multi-Family REIT, a number of strategic advantages,” said Rue Bax, ABI senior managing partner, lead broker for the deal.
The Canadian real estate investment trust was looking to own a multifamily property in either Arizona or Texas, Bax said.
Downtown Phoenix has the highest concentrations of employment in Arizona and is home to a 12,000-student Arizona State University campus.
Atlanta-based Wood Partners has other projects in the Phoenix market and is trying to build another complex on Seventh Street in north central Phoenix.
ABI brokers Bax, John Kobierowski, Alon Shnitzer, Eddie Chang and Doug Lazovick, represented both Wood and Pure Multi-Family REIT.
The sale continues a trend of big sales for apartments in Phoenix, despite continued investment in new developments and thousands of new units poised to come online throughout the region.
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