ORION Investment Real Estate facilitated the sale of The Hayward Apartments, a 16-unit apartment community located near the corner of 19th Avenue and Northern Avenue in Phoenix, for $1,150,000 ($71,875/unit). The Hayward Apartments is just two blocks west of the new Metro Light Rail expansion line on 19th Avenue. Constructed in 1985 and renovated in 2014, the property is comprised of 1-studio, 14-two bedrooms, and 1-three bedroom house. All units have been fully renovated at approximately $18,000/unit. The complex was 100% occupied at close of escrow.
“Impressive NOI, fully-stabilized and overhauled renovations- these are things that tend to be attractive to investors. The Hayward Apartments has all of this going for it and it is situated walking distance to the newly operational Light Rail expansion line on 19th Avenue,” said Zack Mishkin of ORION Investment Real Estate.
Mishkin represented both Buyer and Seller in this off market transaction. The Seller was a local investor of ALFA LLC; The Buyers were principals Mark Sands and Candace Chan Sands.