ORION Investment Real Estate announced the sale of Palmcroft Apartments, a 12-unit apartment complex in Phoenix, for $1,200,000.  The property was built in 1940 and was 90% occupied at the time of sale.  It consists of three studios, eight one-bedroom and one two-bedroom units and is located in the Encanto Palmcroft Historic District. The Arizona-based sellers have owned the property for 22 years.

“Palmcroft is a premiere multifamily asset loaded with charm and character and has a historic designation, noted Jackie Allen, Vice President of Multifamily Investments at ORION.  Allen brokered the transaction and was part of purchasing entity.

Jackie Allen focuses on investment sales of multifamily properties.