NorthMarq Multifamily sells Urban 188 Apartments for $17M
October 31, 2018 / Urban
The 188-unit Urban 188 apartments, located at 1601 West Camelback Road in Phoenix, Arizona, sold this month for $17 million. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction. Urban 1601 Property LLC, of Phoenix, Arizona, was the buyer. “Urban 188, recently renovated in 2017, features upgraded interiors, a remodeled leasing office, and an abundance of contemporary amenities,” says Hudson. “Acquiring a clean and turn-key asset allows the buyer to spend little on capital improvements and benefit on in-place cash-flow. “Hudson also noted that the property’s proximity to the light rail will likely improve property values as it encourages redevelopment and gentrification of the surrounding areas.