Broadstone Sixteen 75 Sold for $60 Million

Gretchen Wakeman Photography
Gretchen Wakeman Photography

(Editor’s note: News releases are published unedited, unless they contain factual errors.)

Cushman & Wakefield Negotiates Sale on Behalf of Alliance Residential

PHOENIX, November 7, 2016 – Cushman & Wakefield announced today the sale of Broadstone Sixteen 75, a 225-unit luxury Class A apartment community, located at 1675 East Morten Avenue in Phoenix. An entity formed by ConAm Asset Management Corporation of San Diego, Calif. purchased the property for $60 million ($266,667 per unit).

Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, a limited partnership formed by Phoenix-based Alliance Residential .

Broadstone Sixteen 75 is a recently completed and leased, Class A apartment community located in the highly desirable North Central Phoenix area at the base of Piestewa Peak near 16th Street and Morten Avenue, in close proximity to the AZ-51 freeway. This superior location offers immediate access to major employment, shopping, dining and entertainment corridors, as well as outdoor recreation.

“Broadstone Sixteen 75 represents a best-in-class core quality multifamily community located in a premier infill location in the highly desirable North Central neighborhood of Phoenix,” said Fogler.

Built in 2015, Broadstone Sixteen 75 sits on 5-acres and offers spacious one-, two-, two-bedroom with den and penthouse/loft-style residences. The community features a mix of high-end finishes and amenities, such as upgraded fixtures and appliances, granite countertops, gas cooktops, GE stainless steel appliances, two-story fitness center with an indoor bike maintenance shop, private pool and spa with cabanas, outdoor gaming area, and direct-access podium-style parking garage.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit or follow @CushWake on Twitter.

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November 2016