Taylor Street Advisors, a leading commercial real estate investment advisory firm, announces the sale the following properties:
• $5,400,000 / $200,000 per unit / sale of Encanto Oasis 26-unit mid-century modern apartment located in one of the hottest submarkets in Phoenix, AZ
• $3,775,000 / $209,722 per unit / sale of The Madison 18-unit mid-century modern apartment community located in Uptown Phoenix, AZ
• $5,000,000 / $147,059 per unit / sale of Thompson Ranch 34-unit townhome community located in Surprise, Arizona. The sale has set a record for highest price per unit for unrenovated product in the West Valley
Encanto Oasis is located just off 19th Avenue and Thomas at 1840 W. Thomas Rd, in Phoenix Arizona included a full renovation in 2015 significantly increasing the value through new roofs, HVAC units, and electrical. The new owner plans to increase value further by adding in-suite washers & dryers, converting the laundry facility and gym into 2 additional units, and adding private patios for each unit. “With the new renovation plans and its proximity to downtown Phoenix as well as St. Joseph’s Hospital, Encanto Golf Course, popular restaurants, bars, and entertainment venues, Encanto Oasis is primed to be one of the highest demand mid-size apartment communities in Phoenix.”, states Laakso.
Brian Tranetzki, Principal of Taylor Street Advisors and Anton Laakso, Vice President Investments, negotiated the transactions on behalf of both the buyer, an out of state investor, and the seller.
The sale of The Madison, an 18-unit mid-century modern apartment community located just off 7th Street and Bethany Home Road at 5624-5646 N 6th St in Phoenix is surrounded by million dollar homes, in one of the hottest submarkets in Uptown Phoenix. “This seller is a professional real estate investor and completed a full renovation of the property where he significantly enhanced the property’s value through the addition of in suite washer and dryers, new floors, kitchens and baths. The resident base changed to tenants working in the medical field, law, and technology. The speed of this deal really shows how incredible demand is for downtown, for both owners and the residents, especially close to Central Avenue”, states Tranetzki. “With the substantial renovations and proximity to local neighborhood hotspots such as Culinary Dropout and Uptown Plaza, The Madison attracted multiple out-of-state and local owners with the Seller choosing the best Buyer”, adds Laakso.
Thompson Ranch, a 34-unit townhome community is in one of the fastest growing cities in the state located at 15427 N Jerry St, Surprise, AZ. The sale has set a new record for highest price per unit for unrenovated product in the West Valley. “The sellers did a good job of turning units throughout their ownership and they decided to take advantage of the market. The price shows that Investor’s confidence in tertiary markets, such as the West Valley, has grown significantly as new developments and jobs have only increased in the area.”, states Laakso. The property is located at 15427 N Jerry St, Surprise, AZ 85378.