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 in this transaction. Karl Abert, senior vice president of Kidder Mathews, represented Urban Communities.
For the full story, go to Phoenix Business Journal.
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