Three Phoenix-Area Properties Appeal to Out-of-State Investor
Three Phoenix-area properties recently sold to an out-of-state investor. Taylor Street Advisors’ Brian Tranetzki and Anton Laakso negotiated the transactions on behalf of both the buyer and the seller.
Encanto Oasis, a 26-unit midcentury apartment, sold for $5.4 million or $200,000 a unit. It is located off 19th Avenue and Thomas at 1840 W. Thomas Rd. in one of the hottest submarkets in Phoenix. Encanto Oasis included a full renovation in 2015, significantly increasing the value through new roofs, HVAC units and electrical. The new owner plans to further increase value by adding in-suite washers and dryers, and private patios for each unit.
Thompson Ranch, a 34-unit townhome community located at 15427 N. Jerry St. in Surprise, sold for $5 million or $147,059 a unit, setting record for highest price per unit for unrenovated product in the West Valley. And, Surprise is one of the fastest-growing cities in the state.
“The sellers did a good job of turning units throughout their ownership and they decided to take advantage of the market. The price shows that investor’s confidence in tertiary markets such as the West Valley has grown significantly as new developments and jobs have only increased in the area,” says Laakso.
The Madison, an 18-unit midcentury apartment community located in Uptown Phoenix, sold for $3.775 million or $209,722 a unit. The apartment community is located off of 7th Street and Bethany Home Road at 5624-5646 N. 6th St. in the hot Uptown Phoenix submarket.
“The speed of this deal really shows how incredible demand is for downtown, for both owners and the residents, especially close to Central Avenue,” states Tranetzki.
Taylor Street Capital Partners also arranged a $12 million cash-out refinance for the owners of a historic mixed-use office and retail property in downtown Seattle. Taylor Street’s Nick Martinez and Chris Nuccio negotiated the refi on behalf of the ownership group and structured the loan to provide significant capital for the sponsors’ business expansion.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.