Denver-based Allante Properties, LLC has entered the Phoenix investment market with the $8,750,000 purchase of Apex off 7th Street, an apartment community at 948 E. Devonshire Ave.
“This acquisition offered an outstanding opportunity to participate in the renaissance of Uptown Phoenix,” says Bill Hahn, executive vice president of Colliers International in Greater Phoenix. “The area has become increasingly appealing to residential tenants. The influx of creative, new restaurants and retail spaces, as well as the light rail system have re-positioned Central Phoenix as a 24/7 destination.”
Allante Properties, LLC of Denver purchased the property from Villa Mirada Estates, LLC of Los Angeles. Hahn, Trevor Koskovich, Jeff Sherman and Jesse Hudson negotiated the transaction.
“The property has incredible upside potential because of its strong location,” says Koskovich. “Capital improvements to the community would quickly be converted to additional income for the new owner. Very few properties of this size and location caliber are available in the market.”
Allante Properties, LLC owns a variety of assets in the greater Denver area. This marks the company’s first acquisition in Arizona. The company invests in new developments, single tenant net lease assets, value add opportunities and short/long term debt.
Apex off 7th Street was built in 1980 and contains 104 units in seven buildings. The community provides one and two-bedroom units ranging from 600 to 850 square feet. On-site laundry facilities, tennis court and a sparkling pool are provided for residents.
Situated on 2.84 acres of land near 7th Street and Indian School Road, Apex off 7th Street, the community is just minutes from State Route 51. Located in the heart of Uptown Phoenix, the property is surrounded by high quality schools, medical facilities and retail amenities. Apex off 7th Street is equal distance from the Downtown and Biltmore areas. This provides unparalleled access to education, employment and lifestyle amenities.