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Phoenix workforce housing development planned for the Arcadia area

Canadian investor Peter Thomas, left, and Max Palacio, are co-founders of Phoenix-based Urban Communities. / Yannick Apers / Phoenix Business Journal

Complex will get about $5.4 million in renovations

By Angela Gonzales | Phoenix Business Journal

Phoenix-based Urban Communities LLC has paid $30.1 million for an apartment community built in 1979 in the Arcadia area of Phoenix, with plans to turn the aging property into workforce housing.

The 357-unit The Standard on 29th at 2912 E. Indian School Road was sold by Denver-based SPL Cos. for $84,174 per unit. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction.

Marc Levine, principal of SPL Cos., said he bought the property for about $10 million in 2014.

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