An 11-unit complex, the Lido, sold for $2,189,000 or $199,000 per door. Zack Mishkin of ORION Investment Real Estate represented the Seller Joseph Risi of Risi Companies, while Jeffrey Sibbach represented the Buyers, Abe & Nancy Porter, in the 1031 exchange transaction. The Seller is a local and active developer and apartment owner operator. He currently has over 300 multi-family units in his development pipeline and has similar multi-family assets to the Lido available for sale. Contact Zack Mishkin at 602.363.6363 for more details.
The Lido was constructed in 1999, and was 100% occupied at the close of escrow. The two-story apartment complex was extensively renovated by the Seller with gutted and remodeled interiors and a complete exterior rebranding. The property is located at 27th Street & Thomas Road, near multiple new home developments.
Situated in the Biltmore Foothills, tenants are offered a plethora of dining, shopping, and entertainment options. Just a few minutes from the Biltmore Fashion Park and Camelback Esplanade, the area also offers strong employment options. Considered by many, ‘The Jewel of the Desert,’ the Biltmore area has served as a historical landmark, attracting visitors from around the globe to shop, stay and play. The area also offers easy access to multiple major freeways, and is only a few miles from the Phoenix International Skyharbor Airport.
Zack Mishkin commented on the transaction, “Marketing efforts on the Lido produced multiple full priced and over ask offers. The property was only live on market for four days prior to entering escrow at full asking price. The Lido is a high quality late 90’s built asset in a beautiful and blossoming Biltmore Foothills location. The Buyer obtained a spectacularly renovated community, with great tenancy and rent increase upside. Surrounded by multiple new home sites currently under construction, the Buyer should benefit from continued area insulation for years to come. The Seller did a fabulous job with the property renovations and lease-up effort.”