ORION Investment Real Estate is proud to announce the sale of two small apartment communities located in the Phoenix MSA. Located off the Loop 202 Freeway and Van Buren Street, Belaflora Condominiums sold for $1,26 million ($83,667 per unit). This 15-unit portfolio sale of Class “A” Condos is part of a larger 185-unit complex within a strong rental sub-market in central Phoenix. The units are adjacent to the Papago Golf Course, and near attractions such as the Phoenix Zoo, Desert Botanical Garden, and Tempe Town Lake.

The property was sold by ORION Investment Real Estate’s Associate Chris Roach and Vice President Joe Dietz. “We are receiving a lot of demand from investors that are trying to enter the market while interest rates are low. The Phoenix multifamily market is continuing to attract investors that anticipate continued growth in market rents and property values,” Chris noted.

In the same week, Joe Dietz of ORION Investment Real Estate closed another multifamily deal, Maryland East Apartments, for $1,052 million ($87,667 per unit). The 12-unit property sold at a high cap rate in the desirable area of Midtown Phoenix. The units are individually metered with spacious floor plans and upgraded features. The grounds include mature landscaping and individual storage for each unit.

To learn more Dietz can be reached at 480.689.4107 and Roach can be contacted at 480.656.1631.

Cushman & Wakefield of Arizona, Inc. negotiated the $8,528,000 sale of Acacia Pointe Apartments, located at 8344 N. 67th Avenue in Glendale, Ariz.

Paradise Urban Apartments, LLC dba Bank of America sold the property to Acacia Pointe, LLC of Chandler. The 208-unit property was built in 1985 and is regarded as a well-maintained asset with value-add opportunity. The sale equates to $41,000 per unit and $66.56 per square foot.

“The purchase of the Acacia Point apartments at well below replacement cost will give the new owner an opportunity to take advantage of the expected growth in the Northwest multifamily submarket of Phoenix,” said Jim Crews, senior director with Cushman & Wakefield. “This area is expected to grow faster than other areas of Phoenix.”

Crews and Brett Polachek of Cushamn &Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Joe Dietz of US Investment Realty represented the buyer.

For more information Crews can be reached at (602) 229-5992 and Polacheck is at (602) 229-5989. Dietz can be contacted at (480) 557-7503.