Tight Market Means Quick Sale for 100-Unit Phoenix Complex

PHOENIX-A tight market for well-located multi-family properties made Palmwood Terrace a quick sell. The 100-unit apartment community at 4917 E. Thomas Rd. was scooped up after just one day on the market.

Desert Dwelling Management LLC grabbed the deed to the complex for slightly more than $3.1 million from seller Thomas Palmwood Terrace LP in a quick turnaround that satisfied the buyer’s 1031 Exchange. “With very little supply of well-located multifamily properties in the Phoenix area, the community was only on the market for only one day,” said Julie Vaughn, senior associate with Sperry Van Ness Mullin.

The property, located at 49th Street and Thomas Road near the Arizona 143 and the Loop 202 freeway, is comprised of 50 one-bedroom, one-bath and 50 two-bedroom, one-bath units. It was 96% occupied at sale time. Vaughn represented buyer and seller in the transaction.