Stan Beraznik Of 29th Street Capital Acquires Urban 148 Apartments In Phoenix For $24.05M

The multifamily asset involved in this transaction is the Urban 148 apartments located at 1609 West Glendale Avenue, Phoenix, AZ. The property, built in 1972 and recently renamed Agave Ridge, consists of 148 units and was sold for a transaction amount of $24,050,000, equating to a price per unit of $162,500.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $24,050,000
• Buyer: Stan Beraznik - 29th Street Capital
• Seller: Urban Communities
• Units: 148
• PPU: $162,500
• Loan Amount: $19,240,000
• Loan Type: Fannie Mae
• Brokerage Firm: Colliers

Stan Beraznik represents 29th Street Capital in this transaction. The property features two- and three-bedroom units with modern interiors, along with amenities such as a pool, fitness center, and clubhouse, enhancing its appeal to potential residents.