The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 20, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Phoenix Multifamily Property Sells for $36.5 Mil


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.

Return to the Archive page


Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media