Marcus & Millichap announced the sale of Aura at Midtown, a 96-unit apartment complex in Phoenix. The $8.69M sales price equates to $90,500 per unit.
Steve Gebing, a senior director of Institutional Property Advisors, a division of Marcus & Millichap, along with Marcus & Millichap vice president investments Cliff David, first vice president investments Richard Butler, senior associate Brian Tranetzki and associate Trevor Hardy, all in the firm’s Phoenix office, advised the seller, Pathfinder Partners and Avenue North. The buyer is Capital Real Estate.
“Developed by Staman & Kahnweiler in 1959 and 1962, Aura at Midtown was recognized as one of the ‘5 Coolest Apartment Complexes in Phoenix’ by the Phoenix New Times in 2014,” says Gebing. “The previous owner initiated a successful repositioning and rebranding of the property that the new owner can continue.”
The property is located inside Encanto Village at 3623 North 5th Avenue within the City of Phoenix’s Infill Development District and adjoining Transit-Oriented Zoning Overlay District One (TOD-1), an area experiencing millions of dollars in gentrification efforts and a residential revival. Central Avenue, home to the highest concentration of employment in Arizona, is less than one mile east of the complex. The Valley Metro light rail’s Osborn/Central station is located less than six blocks away and access to Interstate 10, the Maricopa Freeway, State Route 51, the Piestewa Freeway, and Loop 202, the Red Mountain Freeway is nearby.
Aura at Midtown features five floor plans that include renovated one-, two- and three-bedroom apartment homes that average 889 square-feet. Interior finishes include new appliance packages, upgraded countertops with glass tile backsplash, wide plank wood-style flooring or stained concrete floors, vintage bathroom tiling and retro fixtures, remote-operated ceiling fans, oversized windows, and sliding arcadia doors. Community amenities consist of two newly remodeled and redecorated swimming pools, a community-run organic vegetable garden, restricted-access 24-hour fitness center, convenient on-site laundry facilities, keyed entry pedestrian gates, covered parking, and rentable storage units.