A new apartment complex in downtown Phoenix's Roosevelt Row sold for a record price for the area.
The Alta Fillmore apartments, built in 2016, fetched $59 million, or $256,522 per apartment, according to Phoenix-based ABI Multifamily.
That's the highest price per apartment ever paid for a complex in central Phoenix. The apartments are currently renting for $1,200 for a one-bedroom or $1,800 for a two-bedroom.
The deal closed Friday, according to public real-estate records.
An apartment building boom has been underway in central Phoenix for the past few years. Housing analysts are watching carefully to see if the complexes lease up with tenants and then draw investors willing to pay high prices for the properties.
Alta Fillmore at Sixth Avenue and Fillmore was purchased by the publicly-traded Canadian real-estate investment trust Pure Multi-Family. Wood Partners of Georgia built and sold the five-story complex.
Rue Bax, senior managing partner with ABI, negotiated the deal, and said the buyer sees downtown Phoenix as a strong apartment market.