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6/15/22
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Loramont on Thomas Apartments, a 180-unit multifamily project in Phoenix, was sold in a $32.1 mil ($178.3k/unit) transaction. The asset was sold by Tower 16 Capital Partners, who acquired the property in December 2019 for $11.7 mil ($65k/unit) in an off-market transaction. The new buyer is planning to further improve the property during its ownership.
Loramont on Thomas Apartments is located at 4903 W. Thomas Rd, in the Maryvale submarket of Maricopa County, less than eight miles from downtown Phoenix. This location is conveniently located near the I-10 the I-60 and the I-17 freeways, allowing quick access to downtown Phoenix and other parts of Maricopa County.
The project was built in 1977 and consists of 14 buildings situated on just over four acres. Common area amenities include gated access, three pools, laundry facilities, a central park, barbeques, a playground and dog park. The project is comprised of both studio and one-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, central heating and air conditioning. Tower 16 spent over $2.5 mil in renovations and upgrades to the property during its ownership.
Real estate brokers Ric Holway and Dan Cheyne of Berkadia Phoenix advised the Tower 16 on the sale.
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