SPL Real Estate, a U.S.-based property management firm, has divested Standard on 29th, an apartment community in Phoenix, for $30 million.

SPL Real Estate sold the property to Urban Communities S29, an entity formed by U.S. real estate investment firm Urban Communities.

More so, Standard on 29th has 357 units, a mix of studio and one-bedroom apartments, along with four swimming pools, four laundry facilities and a sand volleyball court.

Urban Communities is planning to reposition and rebrand Standard on 29th and naturally boost rents.