Multifamily Value-Add Trades in Phoenix
- Jul 13, 2018
Neilstate Investment Properties has sold Phoenician Villa Apartments, a 93-unit multifamily community in Northern Phoenix. Thomas Pride International and Ecohaus Real Estate, a development company that focuses on the construction and renovation of urban infill sustainable communities, purchased the value-add asset for $5.5 million.
Located at 1545 W. Camelback Road, Phoenician Villa Apartments is in near proximity to retail and dining facilities and offers convenient access to the Valley Metro Light Rail. It is close to Interstate 17, which provides easy transit to downtown Phoenix, which is within a 15-minute drive, as well as the northern metro area.
Completed in 1967, the property comprises 47 studio and 46 one-bedroom units spread across seven buildings. Common-area amenities include two swimming pools, two laundry facilities and 105 parking spaces.
Kidder Mathews’ recently appointed multifamily investment expert, Karl Abert, senior vice president, brokered the transaction on behalf of the buyers, who are planning to renovate and reposition the community.
Image courtesy of Kidder Mathews