The red-hot multi-family market in Phoenix continues to be the investment rage as another community is selling for well north of $200,000 per door.
In a deal set to close after press time, UBS Realty Advisors LLC in San Francisco, Calif. is expected to pay $51.5 million ($230,942 per unit) to purchase the 223-unit Domus apartments located between the Arcadia and Biltmore neighborhoods in Central Phoenix.
The luxury rental community is being sold by Domus Partners Arizona LLC, a company formed by Bill Smith of Smithfield Properties LLC in Chicago, Ill. The deal was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix.
The high-end apartments, which were developed by Smithfield in 2013, are located on a 6-acre parcel at the southeast corner of 36th Street and Campbell Avenue.