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PHOENIX — Scottsdale-based Sterling Real Estate Partners has completed the disposition of Seventh, an apartment community located in Phoenix. Urban Communities acquired the property for $38.3 million, or $134,003 per unit.
Situated on five acres on Seventh Street, the property features 286 apartments spread across 11 buildings. Amenities include two swimming pools, an outdoor game area, 1,000-square-foot fitness center, leasing office, resident lounge and coffee bar. The community was built in 1970.
Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the deal.