SCOTTSDALE, AZ – Avanti Residential has sold the vibrant 193-unit Dwell Apartment Homes for $41.6 million to Chicago-based 29th Street Capital. The sale allows Avanti to realize its investment objective for the property and continue to reallocate the firm s 9,000-unit apartment portfolio toward newer core-plus properties nationwide.
The authentic mid-century project is located near the intersection of Scottsdale and McDowell Roads and benefits from Scottsdale s high-end employment, retail, dining and entertainment offerings.
Avanti bought Dwell in 2016 with the expectation that the McDowell Road corridor to the south was ideally positioned for transformational improvements, said Christian Garner, president of Avanti Residential. We are very pleased with the performance of this investment to date, especially given the impressive rental rate growth in the greater Phoenix area over the past few years.
The transaction is accretive to the new owner as well, with 78% of the apartments poised to benefit from plotted interior upgrades that will further position the property as an attractive option amid a challenging affordability gap in Scottsdale s new apartment inventory.
Transacting in the current market environment is no small challenge, added Garner. 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.
Steve Gebing and Cliff David with Institutional Property Advisors represented Avanti in the transaction, while the buyer represented itself.
Dwell was built in two phases in 1963 and 1975, with a mix of studio, one- and two-bedroom apartments and a colorful and charming retro appeal. The complex features three swimming pools, a fitness facility and clubhouse, and courtyard with a barbeque area.
Denver-based Avanti Residential most recently recapitalized its Sunset Peak apartment community in the Denver area, where Avanti plans a $5.3 million renovation. The firm continues to buy select core-plus and value-add apartments on behalf of its institutional and private capital partners.

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CENTERTON, AR – Elevate Commercial Investment Group, a vertically integrated multifamily investment firm based in Dallas, TX announced the acquisition of Watercolors of Centerton, a 232-unit multifamily complex in the booming NW Arkansas.
This is Phase 1 & 2 of the entire complex. Phase 3, another 144 units, is currently under construction and expected to be completed in Summer 2023. Elevate is already set to close on the acquisition of Phase 3 once construction is complete, which will make Watercolors a 376-unit community.
Elevate focuses on a strategy called real estate syndications. This is a term for a group investment among many different investors. Elevate works with busy professionals who want all the benefits of real estate, but don’t want to manage the deal themselves. That’s what Elevate and their team do. Elevate CIG raises capital from high-net-worth investors to buy the deal and help with any repair/upgrade costs. In exchange for their capital, investors earn real equity in the deal. After closing, Elevate executes their business plot, provides monthly updates, and gives investors a substantial return on their investment.
NW Arkansas is one of the hottest real estate markets in the U.S. right now. A recent Skyline Survey found that the apartment vacancy in this market is “functionally 0%.” The property Elevate just bought, Watercolors of Centerton, is just 8 minutes away from the new Walmart HQ in Bentonville, which will house 19,000 employees.
“We continue to buy quality assets in thriving markets. There is still a huge demand for housing in the U.S. and especially here in NW Arkansas,” said Jorge Abreu, Co-Founder and CEO of Elevate. “NW Arkansas is experiencing a huge influx of jobs and people moving to the area.”
Watercolors of Centerton is conveniently located at the intersection of SW 14 street and Greenhouse Blvd. Complex amenities include a resort-inspired pool, gym, pickleball court, basketball court, pool tables, and pet park. Elevate plans to invest $1.5M into the property for improvements.

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HOMEWOOD, IL – Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, announced their recent acquisition of Freedom Village, an existing apartment community in Homewood, Cook County, Ill. This is PEF Advisors second acquisition in Cook County, Ill. in the past 12 months.
Originally built in 1998 with tax credits from the Illinois Housing Development Authority, Freedom Village is a single 3-tale building which serves low-income seniors. Comprised of 198-units, the property includes a mix of 124 one-bedroom units and 74 two-bedroom units. All of Freedom Village s 198-units are allotted at 60% area median income (AMI).
Freedom Village is 98.5% occupied (as of November 2022) and provides an abundance of amenities, both in-unit and within the apartment community. Units include fully equipped kitchens with refrigerators, ranges, dishwashers, 6-panel wood doors, in-unit heating/cooling systems, vinyl plank & carpet flooring and walk-in closets for the two-bedroom units. Within the property, there is a community room with a kitchen, elevators, lounges, outdoor patio with BBQ grills, library, laundry facilities, fitness center and a game room with a pool table. Parking consists of 40 garage spaces and 93 surface spaces.
This project sits in a unique part of Cook County as residents are walking distance to major retail corridors and public transportation, said Ann Caruana, President & Chief Investments Officer at PEF Advisors. There is a high demand of housing in the area, and we hope through our dedication in the preservation of affordable housing, Freedom Village will further serve the community.

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