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Phoenix Multifamily

SoCal Investor Snaps Up Broadstone Sixteen 75 Apartments

ConAm Asset Management Corp of San Diego acquired the 225-unit Broadstone Sixteen 75 complex at the base of Piestewa Peak near 16th Street and Morten Avenue in Phoenix for $60M, or $267k/unit. The property is on five acres and offers one- and two-bedroom, two-bedroom with den, and penthouse/loft-style residences. The seller was Phoenix-based Alliance Residential Co, the Phoenix Business Journal reports.

Cushman & Wakefield’s David Fogler and Steve Nicoluzakis repped Alliance. One of the largest apartment developers in the US, Alliance just completed the property in 2015. [PBJ]

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