12/10/2019 | Press release | Distributed by Public on 12/10/2019 11:20
Newmark Knight Frank Multifamily announces the $8.2 million sale of Park Thomas East, a 70-unit multifamily community located at 5425 Thomas Road in Phoenix. The property sold for $8,210,000, or approximately $117,286 per unit.
Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Warren Properties, the original developers of Park Thomas East. The buyer of the two-building, garden-style apartment community was Bear Holdings Group.
'Park Thomas East is an attractive and well-located value-add opportunity that has been diligently maintained for the past 40 years by the original owners, Warren Properties,' noted Polachek. 'It offers a great opportunity for the new ownership to renovate the entire property and capitalize on the potential for higher rents in a gentrified location.'
'Bear Holdings Group has acquired a beautiful asset in the fantastic Arcadia neighborhood,' added Carter, noting that the vibrant Arcadia district of Phoenix is known for its upscale lifestyle and easy access to fabulous local restaurants, pubs, beautiful water ways and surrounding area amenities. 'The canals connect many residents to local entertainment, including old town Scottsdale, the Phoenix Zoo and the Desert Botanical Gardens, in a unique way.'
Featuring studio, one and two-bedroom homes, along with a single three bedroom home, the average unit size at Park Thomas East is 533 square feet. Community amenities include a pool, laundry facilities, a large picnic area with barbecue grills, mature landscaping and a unique water feature.
Park Thomas East is also within walking distance to the prestigious Arizona Country Club, a five-minute drive from nearby recreational amenities including Camelback Mountain and Papago Park and is proximate to major employment hubs like downtown Tempe, downtown Phoenix, and the prestigious Biltmore corridor.
About Newmark Knight Frank
Newmark Knight Frank ('NKF'), operated by Newmark Group, Inc. ('Newmark Group') (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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