Ogden Capital Partners LLC has sold Paradise Palms, a 130-unit garden-style, value-add community in Phoenix. The asset traded for $36.5 million and Newmark brokered the transaction, representing the seller.
Paradise Palms is located at 1517 E. Colter St., close to several retail and dining options along Piestewa Freeway. Health-care facilities such as Phoenix Indian Medical Center and Phoenix Children’s Hospital are near. Phoenix Mountain Preserve and Piestewa Peak Park are within 4 miles.
Completed in 1959, the 21-building property consists of studio and one-, two- and three-bedroom units ranging from 330 to 1,550 square feet. Common-area amenities include two swimming pools, storage space, pet areas, two laundry facilities and picnic areas with grilling stations.
Brad Goff, Executive Managing Director with Newmark, and Chris Canter and Brett Polachek, Senior Managing Directors, represented Ogden Capital Partners.
Newmark also recently represented the seller of Arizona’s tallest residential tower. HSL Properties sold 44 Monroe in Phoenix for $93.5 million.