93-Unit Multifamily Community in Phoenix, AZ Sells for $5,500,000
Phoenix, Ariz. (July 10, 2018) – Phoenician Villa Apartments, located at 1545 West Camelback Road in Phoenix, Arizona, has sold for $5,500,000 to Thomas Pride International and ECOHAUS Real Estate, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Neilstate Investment Properties, LLC, a real estate investment partnership. Kidder Mathews multifamily investment broker, Karl Abert, represented Thomas Pride International and ECOHAUS Real Estate in the transaction.
The Phoenician Villa Apartments present an exceptional value-add opportunity to renovate and reposition a multifamily community in a rapidly gentrifying location. The Camelback Road submarket offers a high concentration of upscale retail, restaurants and a diverse employment base. The community resides between the AZ-51 and I-17 freeways and offers residents convenient access to the Valley Metro Light Rail.
“Thomas Pride International and ECOHAUS Real Estate partners are enthusiastic to have acquired the 93-unit Phoenician Villa Apartments and execute their proven, innovative and award-winning multifamily community transformation,” said Abert. “The Phoenix Camelback corridor will be significantly enhanced and improved by another distinguishing Thomas Pride International and ECOHAUS Real Estate community,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 51 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.