Avison Young Brokers $13M Sale of Multifamily/Retail Development Site in Downtown Phoenix

by Amy Works

PHOENIX — Avison Young has arranged the sale of a 3.9-acre land parcel located at 1500 N. Central Ave. in downtown Phoenix. Donnelley Financial sold the asset to Scottsdale-based Aspirant Development for $13 million.

The buyers plan to use the site for the development of a 25-story building offering 325 apartment units and 17,000 square feet of retail space. Development of the project is underway, with completion slated for 2025. The site is situated on the corner of Central Avenue and McDowell Road and offers immediate access to the Valley Metro Light Rail stop.

Mark Seale, Jonathan Larsen and Sally Zesut of Avison Young represented the seller, while Ray Cashen of Cashen Commercial represented the buyer in the transaction.

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