(NEWS RELEASE)
ORION Investment Real Estate is proud to announce the sale of Polk Terrace Apartments, located at 338 North 23rd Street in Phoenix, for $1,325,000 or $44,167/unit. The building was 100% occupied at close of escrow. Polk Terrace consists of 30 total units and is individually metered for electricity. All units have been upgraded with tile. The property is located in Central Phoenix and is approximately two miles away from Downtown, home to numerous retailers, entertainment venues and major employers.
Linda Ayala, Vice President at ORION Investment Real Estate, noted, “This was a 1031 exchange and it turned out to be a win-win situation for both the Buyer and Seller. The Seller was able to achieve a great sales price, while it was a good value-add for the Buyer, as he will increase rents and achieve a greater rate of return on his investment.” Ayala represented the Seller, W. 144 Ventures LLC, and the Buyer was locally-based A Plus Management LLC.
