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March 21, 2017 | Phoenix, AZ
PHOENIX – Located in the midst of office and mixed use development, Mandarina Luxury Apartment Homes recently sold for $25,000,000 or $138,889 per unit ($175.73 per SF). Developed in 2002 by The GreyStone Group, Mandarina contains 180 units and is situated along the Valley Metro Light Rail. The property has a mix of one- and two-bedroom floor plans, featuring detached and direct-access garages, private patios and balconies, full-size washer/dryers, walk-in closets, and nine-foot ceilings.
Christopher Roach and Matthew Roach of ORION Investment Real Estate were the exclusive brokers in this transaction. “The attractiveness of Mandarina is due to the large number of jobs surrounding the complex – the immediate area features one of the Valley’s strongest workforce populations. Mandarina is adjacent to Papago Park Center, a 350-acre mixed use, urban development with over 3 million square feet of commercial space, and proximity to Hayden Ferry Lakeside and Marine Heights – Arizona’s largest development of Class-A office space. This area has already seen a tremendous amount of growth and is continuing to expand,” said Matt.
The Buyer was Denver-based Capital Real Estate (CRE), who now owns 2,449 units across 11 Valley apartments. The Seller was private entity, NMS Property Services. Mandarina Luxury Apartment Homes, obtained in 2006, was their last Phoenix property. The building was 95% occupied at close of escrow.
About ORION Investment Real Estate
ORION Investment Real Estate (“ORION”) is a leading full-service brokerage firm based in the Western United States. With several years of continued growth and success, and more than a billion dollars in recent transactions, the ORION team provides best-in-class service to the commercial real estate community. Boasting an extensive knowledge of the market and properties, ORION uses a tailored marketing and structured approach to each client to unlock the potential of every deal. ORION is headquartered in Scottsdale, Arizona. For more information on ORION, please visit our website at www.ORIONprop.com
