Cushman & Wakefield Negotiates Sale of The Prescott on Thomas
PHOENIX, Arizona – Cushman & Wakefield completed the sale of The Prescott on Thomas, located at 1645 E. Thomas Road in Phoenix. Capital Real Estate, LLC (CRE) of Denver, Colo. purchased the property from New York-based AMFP III Cabana on Thomas LLC, an entity formed by Abacus Capital Group LLC, for $33.35 million ($87,304 per unit).
Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
Built in phases from 1964 – 1979, The Prescott on Thomas is a 382-unit, garden-style community which offers studio, one- and two-bedroom floor plan options averaging 534-square-feet. Each unit includes full-size appliances, oversized closets, wood flooring and a private patio or balcony. The gated community offers residents four pools with cabana furniture, four laundry rooms, electric car charging stations and an updated fitness room.
“This acquisition provides the new owner with the opportunity for a second generation interior enhancement in an exciting live-work-play location in one of Phoenix’s most lively culinary districts,” said Crews.
Located in the center of Midtown, The Prescott on Thomas is surrounded by an array of restaurants, high-end retailers and major employers. The property is also minutes from Downtown Phoenix, Central Business District and the Camelback Corridor.