'Cool Factor' Helps Apartment Complex Sell
When taking your apartment complex to market these days, location, occupancy and amenities are important. But it doesn't hurt if the property's cool, Pathfinder Partners VP Matt Quinn tells us. Recently his company sold the 96-unit Aura Apartments in Midtown, which were originally developed in 1959 and '62, and which the Phoenix New Times named as one of the “5 Coolest Apartment Complexes in Phoenix” in 2014. The buyer was Denver-based Capital Real Estate.
SoCal-based Pathfinder acquired the property—formerly known as Academy Apartments at 3623 N 5th Ave—in 2012 in a partnership with Phoenix-based Avenue North and implemented a $1.3M renovation. Matt says Pathfinder liked the property because of its Midtown location, proximity to the Metro Light Rail and the original, mid-century design. The renovations focused on updating the property’s common areas and unit interiors, while paying homage to that cool design.