Odyssey Property Group acquired Nola on 50th, a 155-unit multifamily community located in the Arcadia submarket of Phoenix, Arizona, for $37.25 million. That works out to about $240,000 a unit for the project which was built in 1979.
Nola on 50th, which Odyssey will be rebranding as Parq on 50th, is the firms third acquisition in Arizona since entering the market in late 2020. The units run from 413 to 900 square feet and are located in the touted Scottsdale School District.
“Despite the recent shifts in the market that have prompted sponsors to reevaluate, our team identified the potential of securing this strong value-add opportunity in one of the most supply-constrained and sought-after rental markets in the nation,” says Derek Graham of Odyssey Properties Group.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.