|
|
10/17/22
|
L.A.-based Odyssey Properties Group has acquired Nola on 50th, a 155-unit multifamily community located in the Arcadia submarket of Phoenix, for $37.25 mil ($240k/unit). Nola on 50th, which Odyssey will be rebranding as Parq on 50th, is the firm’s third acquisition in Arizona since entering the market in late 2020.
Constructed in 1979, Parq on 50th is comprised of twelve buildings on 5.6 acres of land at 5008 E. Thomas Rd. The community offers a mix of studios, one-, and two-bedroom units. Existing amenities include a pool and spa, two laundry facilities, fitness center, grilling station, and dog park.
Positioned within the city’s prestigious Arcadia neighborhood, residents enjoy a central location near employment, retail, entertainment, and dining options, all within a five-minute drive. The property is located just two miles south of the Camelback Corridor, one of the largest employment centers in Metro Phoenix and home to hundreds of companies employing more than 50,000 white-collar personnel. The prime location offers residents direct access to all areas of the Greater Phoenix metro by way of Interstate 1-, Loop 202, and State Route 51.
The previous ownership had renovated 52% of unit interiors to a luxury scope, allowing Odyssey the opportunity to upgrade the remaining 48% of units and position the asset as a more upscale offering in the area. The firm also plans to increase value through the addition of amenities including Smart Home technology packages and the implementation of property-wide bulk cable/internet service and valet trash service. In addition, some of the unique, single-story casita-style units at the community will feature newly extended private yards or patios, making these apartment homes feel more like single-family homes.
“Overall, commercial growth and emerging industry clusters are shaping the economic landscape in Phoenix and diversifying the region’s burgeoning employment base,” notes Derek Graham, Principal and Founder at Odyssey Properties Group. “Already a top-performing employment market, the region’s continued job and population growth is further bolstered by recent large-scale industrial and manufacturing developments, including Taiwan Semiconductor Manufacturing Co.’s $12 bil chip manufacturing plant and Intel’s $20 bil expansion project containing two new leading-edge chip factories. Collectively, these projects will bring 5,000 high-tech, high-wage jobs to the region by 2024.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
