Sale of Aura Apartments
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Sale of Aura Apartments

May 2015

Midtown Phoenix apartments sold for $8.7 million

A midtown Phoenix apartment complex was sold for $8.7 million by San Diego-based firm Pathfinder Partners, LLC to Denver-based Capital Real Estate, according to a statement released Tuesday.

The 96-unit complex, located near Seventh Avenue and Osborn Road, was initially bought in 2012 by Pathfinder Partners and Avenue North for $4.1 million.

Formerly called Academy Apartments, the firm renamed the complex Aura Apartments and renovated the 3.3-acre mid-century apartment complex for $1.3 million. The renovations updated unit interiors along with the common areas.

Pathfinder Partners has bought and sold a string of Valley properties such as the Dorsey Place Apartments near Arizona State University, which the firm bought for $11.3 million and sold for nearly $15 million.

The firm also sold a complex in Seattle for $7.5 million on the same day as the Phoenix sale, according to the statement.

Pathfinder Partners purchases and renovates properties across the country. Phoenix-based MoD Architecture oversaw the renovations at the Aura Apartments.