Atherton-Newport Investments LLC recently acquired Morgan Park Apartments, a 428-unit multifamily community in Phoenix, Ariz.

The value of the transaction was $28.8 million.

The property, located at 8902 North 19th Ave., is currently being renovated, according to a press statement.

“With current and forecasted growth in Phoenix at record levels, Morgan Park is an obvious acquisition choice,” said Ashish Khatana, co-founder of Atherton-Newport Investments. “Not only does it meet our strict criteria for generating value through property improvements, but it is also well-located in the heart of the city, in the region’s second-largest employment district.”

Irvine, Calif.-based Atherton-Newport Investments LLC is a real estate investment and development company operating in California, Florida, New York, Metro D.C., Connecticut, Nevada, Phoenix and Seattle.

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