ORION Investment Real Estate announced the sale of Carole Arms Apartments, a 44-unit apartment complex located at 2535 W. Coolidge St. in Phoenix. The property sold for $1,159,500 ($26,352 per unit). Built in 1985, Carole Arms Apartments consists of one & two-bedroom units that feature a wide array of amenities. These include all electric gourmet kitchens equipped with a dishwasher and refrigerator, tile flooring, window coverings, air conditioning and more. Community amenities include a sparkling swimming pool with sun deck, on-site laundry facility, children’s playground, picnic area with barbecue, guest parking, lush landscaping throughout and more.
The Buyer was Maskan, LLC based out of California. This was an All Cash transaction. “They are first time buyers, looking for the best deal in Phoenix,” says Ayala, Vice President at ORION. “Buyer and his brother are actively looking for larger multifamily properties and to expand their portfolio.”
The property was well maintained and 99% occupied at the time of sale. The Seller was Housing Opportunity Center, Carole Arms Apartments, an Arizona nonprofit corporation.
Linda Ayala focuses on investment sales of multifamily properties.
