The ORION Multifamily Group of Orion Investment Real Estate closed on the 174-unit Class A luxury apartment project – Cambria Luxury Apartments – for $18.675M.

The buyer is a local private capital group that has been active in the Arizona multi-family market for many years.

“We were very excited to market and transact this Class A asset that was built in 2001 by one of Arizona’s premier developers, Robson Communities.” said Rue Bax, senior vice president at ORION.

“We began marketing the property for sale just before Thanksgiving and in a matter of 10 days we were able to secure over a dozen strong all cash offers, with many of those buyers being able to close by year-end. This was important to the seller due to the uncertainty of the current political climate and the unknown’s surrounding the fiscal cliff.

“This acquisition fit the buyer’s profile well, as it is a core asset in the Southeast Valley,” Bax said, “with strong occupancy due to its close proximity to many jobs and one of the best public school systems in the Valley. They also liked the variety of large condo-style floor plans, many of which have direct access garages and the future upside in remodeling the current interiors and common areas.”

Cambria Luxury Apartments is a 174-unit multi-family property built in 2001 by the Developer-Seller, Robson Communities. It is located in northern Gilbert near Downtown Gilbert.

The property has a mix of 1-bedroom, 2-bedroom /2-bathroom, and 3-bedroom/2-bathroom units and has easy access to US 60, Loop 202 and Loop 101.

The seller was a local private development company, Robson Communities, founded by Ed Robson.

Bax, Alon Shnitzer, John Kobierowski, Eddie Chang, and Doug Lazovick of ORION Investment Real Estate in Scottsdale negotiated the transaction.