PHOENIX, ARIZONA (July 24, 2019) – The 156-unit Las Colinas Apartments, located at 5704 West Thomas Road in Phoenix, Arizona sold this month for $14,750,000.
The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the procured the buyer this transaction.
West Thomas Apartments LLC, an entity formed by Bear Holdings Group LLC, of Phoenix, Arizona was the buyer.
“Las Colinas appealed to the buyers because of its exceptional value-add opportunity,” said Hahn. “High occupancy rates and original interiors coupled with the excellent visibility on Thomas Road made Las Colinas an attractive acquisition.”
5704 West Thomas Road, LLC, an entity formed by CALCAP Advisors Inc., of San Diego, California was the seller.
The Las Colinas apartment community, built in 1986, comprises 51 percent one-bedroom units and 49 percent two-bedroom units. The property, located on the north side of Thomas Road east of 59th Avenue, is situated in the Phoenix, Arizona. Las Colinas is in close proximity to major employment hubs, retail centers, and universities.