A luxury apartment community along Washington Street, near the Red Mountain Loop 202 Freeway, sold for $25 million to Denver-based Capital Real Estate, according to the brokers on the deal.
NMS Property Services sold the 180-unit apartment complex, Mandarina Luxury Apartment Homes, and ORION Investment Real Estate represented both the buyer and seller in the transaction. This property was purchased by NMS in 2006 and was its last Phoenix property.
The new owners, Capital Real Estate, now own 2,449 units across 11 apartment complexes in the Valley. Mandarina Luxury Apartment Homes were 95 percent occupied at the time of the sale.
The property is along the light rail and has a mix of one- and two-bedroom floor plans, featuring detached and direct-access garages, private patios and balconies, full-size washer/dryers, walk-in closets, and nine-foot ceilings.
Mandarina Luxury Apartment Homes were developed in 2002 by The GreyStone Group. Christopher Roach and Matthew Roach of ORION Investment Real Estate were the exclusive brokers in this transaction.
“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,” Roach said
