ORION Investment Real Estate is pleased to announce the successful sale of The Hawthorne condominiums located in the Midtown area of Phoenix, Arizona, near the intersection of 3rd Avenue and Indian School Road. The condominium complex consists of 276 total units, of which 182 were just sold for $19,110,000. The Seller in the transaction was Jeff Appleton of the Hawthorne Phoenix Condominiums, LLC, which is based in Winter Haven, Florida.
The Seller was represented by Joseph Dietz of ORION Investment Real Estate based in Scottsdale.
Hawthorne is a gated community which includes privately-owned condos and condominium rentals. The community consists of one, two and three-bedroom floor plans ranging in size from 752 to 1,198 square feet. There are various levels of upgrades; however, each unit includes a fully equipped kitchen, washer and dryer, a separate storage room, and a private patio or balcony. The community has two pools and spas, a 24-hour fitness center, resident clubhouse with a business center and various courtyards with barbeque areas.
Located just south of Indian School on the west side of 3rd Avenue, The Hawthorne is optimally located near St. Joseph’s Medical Campus, the Clarendon Hotel, Park Central Mall, the light rail, and just minutes away from downtown Phoenix attractions including Chase Field, US Airways Center and the Phoenix Art Museum.
ORION’s Vice President Joseph Dietz noted, “The Hawthorne condominium project represents what is right and good in the Phoenix real estate market. In 2009, the Seller purchased a highly distressed property from the bank, and then he injected the appropriate amount of capital into both the physical property and the community association. Today, The Hawthorne is a fully stabilized property that provides a very nice living environment for its community. The Seller did what he set out to do, and now he plans to ride off into the sunset…”
The Buyer in the transaction was Pacific Real Estate Partners, Inc., located in the San Francisco Bay Area and was represented by Doug Lazovick of ABI Multifamily in Phoenix.