Apartment community is sold to fund for $40 million

A trendy Phoenix apartment community has been sold for $40 million in one of the area's biggest commercial real-estate transactions of the year, according to a local commercial real-estate services firm involved in the deal.

Level at Sixteenth, a 240-unit, mid-rise apartment complex built in 2010, was sold to a real-estate fund advised by Cornerstone Real Estate Advisers LLC, an institutional investment adviser based in Hartford, Conn., the Phoenix office of commercial real estate brokerage Hendricks & Partners announced Friday.

Hendricks & Partners brokers by Mark Forrester and Ric Holway represented the seller, Broadstone Towne Square LLC, a Delaware limited-liability company located in Phoenix.

Phoenix-based apartment owner and management firm Alliance Residential Co. will manage the property, at 1550 E. Campbell Ave., a Hendricks & Partners news release said.

Level at Sixteenth features 46 studio, 102 one-bedroom and 92 two-bedroom apartment units. Amenities include an Olympic-size pool with water features and a two-story athletic center.

by J. Craig Anderson The Arizona Republic Jul. 15, 2011 02:17 PM




Apartment community is sold to fund for $40 million