Venture Partners Pay $5.5 Million for 93-Unit Apartment Project in Phoenix

Business Real Estate Weekly

Posted In — News & Press | In the News

Phoenix – A joint venture formed by Thomas Pride International in Phoenix (Peter Thomas, CEO) and ECOHAUS Real Estate in Phoenix (Maximiliano Palacio, CEO), paid $5.5 million ($59,140 per unit) to purchase the 93-unit Phoenician Villa apartments located at 1545 W. Camelback Road in Phoenix. The sellers were three tenant-in-common (TIC) entities: CLRK LLC in Phoenix (Kin Fung, Linh Fung, members), with a 73.118 percent interest; Phoenician Villas Holdings LLC in Rancho Cucamonga, Calif. (Husam Suleiman, manager), with a 24.236 percent interest, and Neilestate Investment Properties LLC in Phoenix (Neil Evans, manager), with a 2.646 percent interest. Karl Abert of Kidder Mathews in Phoenix represented the buyer in the deal. The sellers were represented by Pete Te Kampe of Marcus & MillichapReal Estate Investment Services in Phoenix. Public records show Connacht 1545 Camelback LLC (Thomas/Palacio entity) acquired the property with a $5.4 million loan from The Bancorp Bank in New York City, N.Y. In December 2017, BREW reported the TIC investors paying $4.5 million ($48,913 per unit) to buy the Phoenician Villa apartments, which at that time had 92 units in service. The 1.6-acre complex was built in 1967. Over the years, BREW has reported Thomas buying and selling numerous apartment communities in the Phoenix area. Find out more from Thomas at (602) 730-1000. Talk to Palacio at (917) 689-0434. Reach Abert at (602) 513-5200. Call Te Kampe at (602) 687-6700.

For the full story, go to Business Real Estate Weekly.

©Business Real Estate Weekly, Inc. and brewaz.com, 1995-2018.

Share This Post