Orion Leads $25M Sale of Phoenix Community
- Mar 23, 2017
Phoenix—Orion Investment Real Estate, a full-service brokerage firm, has arranged the sale of Mandarina Luxury Apartment Homes, a multifamily community located in Phoenix. Denver-based Capital Real Estate paid $25 million to acquire the property, which was developed by The GreyStone Group in 2002.
Located at 5402 E. Washington St., the 180-unit community features a fitness center, a business center, a clubhouse, a swimming pool with spa and 250 parking stalls. The unit mix consists of one- and two- bedroom floor plans with private patios and balconies, full-size washer and dryer, walk-in closets and 9-foot ceilings. At the time of the deal, the building was at 95 percent occupancy.
“The attractiveness of Mandarina is due to the large number of jobs surrounding the complex – the immediate area features one of the Valley’s strongest workforce populations. Mandarina is adjacent to Papago Park Center, a 350-acre mixed use, urban development with over 3 million square feet of commercial space, and proximity to Hayden Ferry Lakeside and Marine Heights – Arizona’s largest development of Class A office space. This area has already seen a tremendous amount of growth and is continuing to expand,” Matthew Roach, senior associate at Orion Investment Real Estate, said in prepared remarks.
According to Yardi Matrix data, the transaction was subject to a $17.3 million Freddie Mac loan, due in April 2027. The seller was private entity NMS Property Services, which acquired the property back in 2006 for $20.5 million.
Images courtesy of Yardi Matrix