Avenue North sells Phoenix Luxury Community for $30M

Avenue North sells Phoenix Luxury Community for $30M

October 2022

Avenue North has sold Proximity on 16th, an 85-unit luxury single-family rental community located at 7500 S. 16th St., to Bridge Founders Group for $30.1 million. A Phoenix-based Northmarq investment sales team represented the seller in the transaction.

Proximity on 16th was built in 2021 on 6.7 acres and totals 85,935 square feet of space, according to CommercialEdge data. The community offers a mix of one-, two- and three-bedroom homes in one- and two-story arrangements, which range from 679 to 1,339 square feet.

Each home is equipped with stainless steel appliances, quartz countertops, plank flooring, walk-in closets and individual laundry units. Additionally, each unit has its own private backyard. The community’s amenities include a swimming pool, covered parking garages and parking spaces, as well as electric vehicle charging stations. At the time of the sale, the community was 95 percent occupied.

The entire development is situated within 5 miles of central Phoenix and is in close proximity to many of the city’s top employers and recreational attractions, as well as Sky Harbor International Airport.

The Northmarq team was led by Investment Sales President Trevor Koskovich, Executive Vice President Bill Hahn, Associate Vice President Ryan Boyle and Managing Director Jesse Hudson.

MultiHousing News