PHOENIX — The Phoenix Theatre Co. paid $7.6 million for a 36-unit apartment community to house directors, designers, and performers while they're in town working on a show.
The 25,000-square-foot building at 1422 N. 5th St. is just a few blocks from The Phoenix Theatre Co. at the northeast corner of Central Avenue and McDowell Road in central Phoenix.
Purchased from a Scottsdale entity tracing to Hanson Capital Group, the nonprofit kicked off the deal with a $2.1 million down payment, according to Tempe-based Vizzda LLC real estate database. The remainder was financed through Enterprise Bank & Trust.
The property was 100% leased when the transaction closed on July 7.
