ORION Investment Real Estate negotiated the successful sale of the Sandpiper Apartments, 2735 E. Thomas Rd. in Phoenix.
The 100-unit, master metered, 1969 vintage property sold for $3.175M. The buyer was a foreign-based entity controlled by 2735 East Thomas Road LP and this apartment community represents the buyers’ first commercial real estate acquisition in the Phoenix market.
The new foreign buyer was successful in securing a 66% LTV, non-recourse, market rate loan from a U.S. based lender and plans to renovate and rebrand the property.
“There have been a number of properties with similar attributes (centrally located, block constructed, master metered, 60’s vintage properties that have experienced gentrification over the last few years and proven successful while paving the way for similar projects,” said Eddie Chang, a Vice President with the Orion Multifamily Group.
“The properties target a new wave of Gen Y renters who seek centrally located unique communities with amenities, smaller spaces and value.”
Alon Shnitzer, a Senior Vice President with the Orion Multifamily Group, added: “Phoenix apartment investing has sparked world-wide interest. This is the second property in 90 days that we have sold to an out of country based investor.”
The property was well maintained and 95% occupied at the time of sale. The seller was Ambrosie and Susana Halmagean of Litchfield Park.
Chang, Shnitzer, John Kobierowski, Rue Bax, and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction.