PHOENIX, ARIZONA --- Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $21 million sale of Rise on Thomas, a 100-unit garden style multifamily community located at 2735 East Thomas Road. Northmarq represented the seller, Rise Thomas LLC, a Phoenix-based private investment entity. The buyer was Summit on Thomas, LLC, a private investment company from Millbrae, California.
“The buyers secured a complex with significant upside potential that can be achieved by completing the property’s interior renovation program in the remaining units,” according to Jesse Hudson. “41% of the units were recently upgraded, resulting in rental premiums averaging $200 per unit.”
Built in 1969, Rise on Thomas includes studio, one- and two-bedroom units that range in size from 475 to 995 square feet. Community amenities include two swimming pools, a spa, two fitness centers and gated access. The renovated units include quartz countertops, new cabinets and flooring, stainless steel appliances and in-unit washer and dryer. The property was 91% leased at the time of sale.
Rise on Thomas’ central location is minutes from some of the top employment corridors in the Valley with over 25,700 businesses within five miles of the property. A prominent healthcare corridor, approximately 30,000 healthcare and social assistance jobs are in the area immediately surrounding the property. Several prominent healthcare employers in the area are Phoenix Children’s Hospital Abrazo Heart Hospital and the corporate headquarters of Banner Health, located at Thomas Road and Central Avenue. Rise on Thomas offers easy access to Downtown and Midtown Phoenix as well as several retail and entertainment options including Biltmore Fashion Park, Town & Country Mall and Camelback Colonnade.