ORION Investment Real Estate has announced the sale of two small apartment communities located in the Phoenix MSA. Located off the Loop 202 Freeway and Van Buren Street, Belaflora Condominiums sold for $1,255,000 or $83,667 per unit. This 15-unit portfolio sale of Class “A” Condos is part of a larger 185-unit complex within a strong rental sub-market in central Phoenix. The units are adjacent to the Papago Golf Course, and near attractions such as the Phoenix Zoo, Desert Botanical Garden, and Tempe Town Lake.
The property was sold by ORION Investment Real Estate’s Associate Chris Roach and Vice President Joe Dietz. “We are receiving a lot of demand from investors that are trying to enter the market while interest rates are low. The Phoenix multifamily market is continuing to attract investors that anticipate continued growth in market rents and property values,” Chris noted.
In the same week, Joe Dietz of ORION Investment Real Estate closed another multifamily deal, Maryland East Apartments, for $1,052,000 or $87,667 per unit. The 12-unit property sold at a high cap rate in the desirable area of Midtown Phoenix. The units are individually metered with spacious floor plans and upgraded features. The grounds include mature landscaping and individual storage for each unit.