93-unit multifamily community sells for $5.5M

AZ Big Media

Posted In — News & Press | In the News

Phoenician Villa Apartments, located at 1545 West Camelback Road in Phoenix, Arizona, has sold for $5,500,000 to Thomas Pride International and ECOHAUS Real Estate, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities. The seller was Neilstate Investment Properties, LLC, a real estate investment partnership. Kidder Mathews multifamily investment broker, Karl Abert, represented Thomas Pride International and ECOHAUS Real Estate in the transaction.

The Phoenician Villa Apartments present an exceptional value-add opportunity to renovate and reposition a multifamily community in a rapidly gentrifying location. The Camelback Road submarket offers a high concentration of upscale retail, restaurants and a diverse employment base. The community resides between the AZ-51 and I-17 freeways and offers residents convenient access to the Valley Metro Light Rail.

“Thomas Pride International and ECOHAUS Real Estate partners are enthusiastic to have acquired the 93-unit Phoenician Villa Apartments and execute their proven, innovative and award-winning multifamily community transformation,” said Abert. “The Phoenix Camelback corridor will be significantly enhanced and improved by another distinguishing Thomas Pride International and ECOHAUS Real Estate community,” he said.

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