ORION Investment Real Estate is pleased to announce the sale of Saguaro Heights, a 34-unit apartment complex in Surprise, Arizona, for $1.3 million. The property was built in 1987 and was 95% occupied at the time of sale. It consists of 2 bedroom, 1.5 bath townhome units and is located near the intersection of El Mirage and Greenway Roads. The Buyer was able to obtain new financing on the property from Bank of the West with 25% down. Both the Seller, Saguaro Heights LP, and the Buyer, JMY Properties, are based out of Southern California.
This is the Buyers third acquisition in the Phoenix marketplace. “This was a good addition to their portfolio , noted Jackie Allen, Vice President of Multifamily Investments at ORION. Allen continues, “We are continuing to experience an influx of California buyers to our market. These buyers, like many others from California, are attracted by a lower cost per unit in Phoenix.”
The Sellers have owned this property since 1996 and Saguaro Heights was the last apartment building holding they owned in the Phoenix area; having recently closed a 66 unit complex also with ORION last year. Dan Ray, a principal with Saguaro Heights, LP, concluded, “It was terrific working with ORION once again. She [Jackie] made the transaction seamless from begin to end.”
Jackie Allen focuses on investment sales of multifamily properties.