By Laura Calugar
Phoenix—Arizona-based ORION Investment Real Estate facilitated the off-market sale of Desert Place Apartments, a 260-unit property that spans across 8 acres in Phoenix. The sale was brokered by Bob Farrell, ORION’s vice president. Jevan Capital was the buyer and Michigan-based IPA Phoenix-Foxwood LLC the seller. According to Yardi Matrix data, ConAm Management currently manages the property.
Located at 6131 North 27th Ave., the community is near the Interstate 17 Black Canyon Freeway, as well as several schools, hospitals and shopping areas. Built in 1982 and formerly known as Desert Ridge and Foxwood, the community comprises 20 two-story buildings with 56 studios and 120 one- and 84 two-bedroom units. Amenities include two swimming pools, a spa, an outdoor Jacuzzi, a business center and 388 parking spaces.
The asset last traded in May 2007 for $16 million, or roughly $60,000 per unit.
Image courtesy of Yardi Matrix