Apartments should be ready for occupancy by 2022
By Corina Vanek | Phoenix Business Journal
A joint venture of Chicago-based real estate firms bought the Union at Roosevelt mixed-use apartment complex and the adjacent lot and office building with plans to redevelop the lot into the second phase of the project.
The 80-unit apartment complex on Roosevelt Street and First Avenue — which includes nine studio, 60 one-bedroom and 11 two-bedroom units with an average size of approximately 830 square feet — was sold for $23 million, according to real estate database Vizzda. The adjacent parcel was purchased for $4 million.
The buyers, Randolph Street Realty Capital and Origin Investments plan to build a second phase with an additional 105 apartment units on the adjacent parcel. The acquisition and construction project will total about $55 million.
