**29th Street Capital Acquires Urban 148 in North Central Phoenix for $24.1M**
Urban 148, a garden-style apartment complex located at 1609 W. Glendale Ave. in North Central Phoenix, has been sold for $24.1 million to 29th Street Capital. The seller was Urban Communities.
Originally constructed in 1974, the property consists of 148 apartment units situated on a 5.18-acre site. The community features spacious layouts averaging 1,023 square feet. Onsite amenities include a clubhouse, kitchen and dining room, yoga studio, playground, picnic area, swimming pool, and grill station.
“The buyer was able to acquire the Urban 148 significantly below replacement cost with positive leverage,” said Chris Roach of Colliers.
The transaction was facilitated by Colliers’ Chris Roach, Brad Cooke, Matt Roach, and Cindy Cooke. Financing for the acquisition was arranged by Shahin Yazdi and Jonathan Lee of Colliers Mortgage Los Angeles, along with Luke Donahue and Patrick O’Donnell from Colliers Mortgage Phoenix.
