Cushman & Wakefield announced the firm arranged the sale of Seventh, a 286-unit apartment community in a coveted North Central Phoenix neighborhood.
The property sold for $34.75 million and was acquired by Denali Apartments, LLC (David Dewar and Michael Meath, Managing Partners). Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
“Seventh represented a unique value add opportunity for the buyer, Denali Apartments, LLC, in that the previous owner, a large institutional LP, had taken over the property from the GP after spending considerable dollars upgrading the property. The upgrades completed by the previous ownership group provided Denali a clear path for further capital improvements and the dynamic location on North 7th Street in the highly desirable North Central neighborhood supports the need for quality, attainable housing in the attractive North Central area of Phoenix,” said David Fogler.
Located at 5145 North 7th Street, Seventh was originally built in 1970 and comprises 154,282 rentable square feet for an average unit size of 539 square feet. The community offers an attractive mix of studio, one-, two- and three-bedroom floor plans. Current community amenities include two large swimming pools, several laundry facilities, and a modern fitness center with outdoor workout space. Seventh is also conveniently located in North Central, an area that continues to expand its footprint with some of the Valley’s most popular restaurants and entertainment venues.
Phoenix is considered one of the most populated cities in Arizona and is also one of the fastest growing cities in the state as well as the U.S.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets, and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture.
