 |
| Rendering of Planned Proxy 333 Apartments, Evans-Churchill Neighborhood, Downtown Phoenix, AZ |
 |
| John Cunningham |
PHOENIX, AZ – The first
urban apartment project to be constructed and traded in downtown Phoenix’s
post-recession real estate upswing has sold this week in a $21.8 million deal
brokered by the Phoenix office of JLL.
Named Proxy
333, the project totals 118 highly amenitized urban multifamily units
located in the heart of downtown’s Evans-Churchill neighborhood.
JLL Executive Vice
President John Cunningham and Senior
Vice President Charles Steele represented
the property owners, Goodman Real Estate and Tilton Development Company. The
buyer was Weidner Apartment Homes.
“Proxy is the first
generation of new downtown construction to finish, lease and sell in this
multifamily cycle,” said Cunningham.
“Goodman Real Estate and Tilton
Development Company designed and developed this property to address the
burgeoning residential population in downtown, and to address the type of urban
lifestyle and dynamics associated with the surrounding neighborhood.”
Built in 2016, Proxy 333
totals 69,335 square feet at 333 E. McKinley St., between Third and Fourth
streets in downtown Phoenix. It includes 118 units ranging from 438 square feet
to 878 square feet, including studios, one bedroom, two bedroom and ten
ground-floor live work units complete with individual signage.
 |
| Charles Steele |
The project’s $21.8
million sale price represents an average $314 per-square-foot, or $184,745 per
unit. At the time of sale, the community was approximately 45 percent occupied.
“Weidner recognized the
opportunity to acquire Proxy 333 and operate the community in concert with
Skyline Lofts, its existing asset located across the street,” said Steele. “The
economies of owning both properties and the complementary nature of the floor
plans will give the company a unique advantage in this submarket.”
With the acquisition of
Proxy 333, Weidner now owns 38 properties – approaching 12,000 units – in
Arizona.
Each unit at Proxy 333
includes a private patio or deck, large closets, upgraded appliances and
designer interior selections complete with quartz countertops. Community
amenities range from a 24-hour concierge and private fitness center to a bike
garage and exclusive rooftop lounge.
Additional amenities
include a pool and recreation area with fire pit, game tables, bocce ball, an
outdoor kitchen and TV. As a pet-friendly community, Proxy also includes an
on-site dog park.
These amenities are
complemented by nearby shopping, dining, arts and entertainment – some as close
as the building’s first-floor retail space – as well as neighboring Arizona State
University, TGEN and the Phoenix Biomedical Campus.
For a complete copy of the company’s news release,
please contact:
Stacey Hershauer
Phone:
+1 480 600 0195
Email:
No comments:
Post a Comment