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1/16/20
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Park Paloma – a 60-unit apartment community just south of the Lower Arcadia neighborhood in Phoenix, was acquired for $8.4 mil ($140k/unit) by San Diego-based Pathfinder Partners. Constructed in 1973, the property is located at 2930 North 46th St.
Park Paloma offers a mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units, ranging from 760 sf to 980 sf in size. The units are in original condition with tile flooring, wood cabinetry, laminate countertops and gas stoves. Each unit features an open floorplan concept featuring French doors to the master bedroom, walk-in closets and private balconies or patios. Amenities include a resort-style swimming pool, fitness and laundry facilities, covered parking and a shaded BBQ courtyard which can host parties or events.
The community is just eight miles northeast of downtown Phoenix near Hwy 202 and Thomas Rd, providing access to major employers such as JPMorgan Chase, IBM, Cisco and UBS and is less than six miles away from the Phoenix Sky Harbor Airport, the Phoenix Zoo and the Arizona State University, Tempe campus. Park Paloma is located within the highly ranked Scottsdale Unified School District.
According to Mitch Siegler, senior managing partner at Pathfinder Partners, Park Paloma presents an outstanding value-add investment opportunity with units that have never been renovated and significant upside to enhance the community’s amenities. The company plans to upgrade the units with new flooring, cabinets, appliances and fixtures.
The Phoenix economy continues to be strong, propelled by the healthcare, education and professional services sectors – in the last three years, job growth in Phoenix has averaged 3.7%, more than double the 1.6% national average. There has been over 2.9 msf of new construction with companies such as Nationwide and Deloitte expanding in the area.
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