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October 4, 2022
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Phoenix Multifamily Property Sells for $36.5 Mil

8/11/22

Paradise Palms, a 130-unit, value-add multifamily community situated in the Biltmore/Uptown submarket of Phoenix, traded hands for $36.5 mil, or $281k/unit. The property was sold by Ogden Capital Partners LLC.

Constructed in 1959, Paradise Palms is a garden-style community designed by famous architect, Ralph Haver. Located at 1517 E. Colter St, Paradise Palms is situated just off the Piestewa Fwy, only a seven-minute drive to the I-10 Fwy 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.

Paradise Palms offers large, spacious floor plans and features a mix of studio, one-, two- and three-bedroom units. Community amenities include two resort-style pools, pet play area, storage space, grills and a picnic area. There is on-site maintenance and property management.

Chris Canter, Brett Polachek and Brad Goff with Newmark represented the seller in the deal. The buyer was not immediately disclosed.

“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 rentvgrowth 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 7 th and 16 th Street.”

Following a record 2021, investor demand for multifamily remained robust during the first quarter of 2022 with $63 bil 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 bil. Phoenix ranked sixth among major metros in terms of sales volume over the 12 months ending in the first quarter, with $17.5 bil in volume.






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