Paradise Palms in Biltmore submarket sells for $36.5M
Newmark announced the $36.5 million sale of Paradise Palms, a 130-unit, value-add multifamily community situated in the prime Biltmore/Uptown submarket of Phoenix, Arizona. Newmark Senior Managing Directors Chris Canter and Brett Polachek and Executive Managing Director Brad Goff represented the seller, Ogden Capital Partners LLC, in the sale to an undisclosed buyer.
Constructed in 1959, the Paradise Palms is garden-style community was designed by a famous architect, Ralph Haver. It offers large, spacious floor plans and features a mix of studio, one-, two- and three-bedroom units. Community amenities include on-site maintenance and property management, two resort-style pools, pet play area, storage space, grills and a picnic area.
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“Paradise Palms is a unique and spectacular multifamily asset in a Class A Uptown/Biltmore location,” said Canter. “This is the perfect asset for the buyer to capture the robust Phoenix rent growth with a more modern interior and exterior renovation. The previous owners purchased this asset in 2014 and have benefitted from the development and investment that has taken place along 7th and 16th Street.”
Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63.0 billion in U.S. sales volume, according to Real Capital Analytics data analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated 65.4%. Trailing twelve-month volume increased to $374.3 billion. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 billion in volume.
Located at 1517 E. Colter Street in Phoenix, Paradise Palms is situated just off the Piestewa Freeway, a convenient seven-minute drive to the I-10 freeway and a 10-minute drive to Sky Harbor International Airport. The location is proximate to over 200,000 high-paying jobs and multiple award-winning restaurants and entertainment options.