Renovation in the works for Dwell Apartments in Scottsdale after $41.6M sale

Feb 18, 2023, 5:45 AM
(Avanti Residential Photo)...
(Avanti Residential Photo)
(Avanti Residential Photo)

PHOENIX – A Scottsdale apartment complex has been given a new lease on life with the completion of a $41.6 million sale, investors said.

The 193-unit Dwell Apartments at Scottsdale and McDowell roads has changed hands to Chicago-based 29th Street Capital, seller Avanti Residential said in a press release Wednesday.

Ownership plans to sink resources into the property with renovations set for 78% of the residences.

Built in two phases in 1963 and 1975, the complex features studio, one-bedroom and two-bedroom units.

Amenities include three swimming pools, a fitness center, three laundry facilities, a business center and internet cafe, a picnic area and a dog park.

“Transacting in the current market environment is no small challenge,” Avanti President Christian Garner said.

“Both sides saw this as a win-win proposition given the yields we have achieved thus far and the value-add opportunity that remains ahead.”

A year ago, 29th Street Capital acquired Cala Paradise Valley in Phoenix, one of 21 multifamily buildings the privately-held company bought in the past year.

Its property management company, Haven Residential, oversees several other multifamily sites in the Valley.

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Renovation in the works for Dwell Apartments in Scottsdale after $41.6M sale