By Catherine Reagor| March 18th, 2019
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One of downtown Phoenix's new apartment complexes in the heart of Roosevelt Row has sold for $84.2 million.

The 316-unit Broadstone Roosevelt Row complex was purchased by Kirkland, Washington-based Weidner Apartment Homes late last week, according to public real estate records.

The Broadstone, on Roosevelt Street between Third and Fifth streets, is one of several high-end apartment complexes developed in downtown Phoenix over the past few years. 

The sales price breaks down to $266,000 an apartment. The average sales price per apartment in the Valley is about $130,000, according to apartment brokerage Marcus & Millichap. 

No information was available on how many apartments are leased in the complex, which also is called Roosevelt Row Apartments.

Rents range from $1,400 to $1,800 in the complex, according to Apartments.com.

The average Valley apartment rent is less than $1,100.

Weidner owns several apartment complexes in western U.S. and Canada.

About 2,000 apartments and condominiums are currently under construction in downtown Phoenix, and another 3,700 are planned, according to Downtown Phoenix Inc.

Reach the reporter at [email protected] or 602-444-8040. Follow her on Twitter @Catherinereagor.

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