AZ Big Media Odyssey Properties buys Nola on 50th in Arcadia for $37.25 million

Odyssey Properties Banda multi-family investment sponsor and Los Angeles-based private equity real estate firm, acquired Nola on the 50ea 155-unit multi-family community located in the Arcadia submarket of Phoenix, Arizona, for $37.25 million.

Nola turns 50ethat Odyssey will rename Parq on 50eis the company’s third acquisition in Arizona since entering the market in late 2020.

“Despite recent changes in the market that have prompted sponsors to re-evaluate, our team has identified the potential to secure this strong value-added opportunity in one of the nation’s tightest and most sought-after rental markets,” says Derek Graham. , Director and Founder of Odyssey Properties Group. “Leveraging our meticulous process, collaborative approach and existing relationships in the Phoenix market, we were able to secure the asset at a favorable price for all parties involved.”

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Graham notes that the Phoenix market, which has seen its population grow more than 2.5 times the national average over the past decade, aligns directly with Odyssey’s investment strategy, targeting submarkets exceptional in locations with high employment growth, favorable supply and demand conditions and quality of life.

“Overall, business growth and emerging industrial clusters are shaping Phoenix’s economic landscape and diversifying the region’s burgeoning employment base,” Graham continues. “Already a strong job market, the region’s continued employment and population growth is further bolstered by recent large-scale industrial and manufacturing developments, including the $12 billion chip manufacturing plant Taiwan Semiconductor Manufacturing Co. and Intel’s $20 billion expansion project containing two new state-of-the-art chip factories Collectively, these projects will bring 5,000 high-tech, high-paying jobs in the region by 2024.”

According to Graham, Odyssey is also confident in the resilience of the market. Throughout the economic downturn due to the pandemic, the Phoenix multifamily market remained one of the strongest in the country, with rents up 48.84% from pre-COVID levels and a occupancy up to 95.9%. Recognizing the resilience of this market early on, Odyssey acquired its first two assets in the region, Parq in East Arcadia in December 2020 and Parq on 5e in January 2021.

Daniel Diaz, director of acquisitions at Odyssey, notes that Parq on 50e is located in one of the Greater Phoenix area’s most desirable residential communities, Arcadia, where Odyssey currently owns the 181-unit property, Parq in East Arcadia. The submarket has some of the most expensive homes in the state of Arizona, with median single-family home values ​​over $1.25 million, according to Redfin. Additionally, the community is just one mile from Scottsdale, which continues to be nationally recognized as one of the top markets for business performance, job growth, livability and friendly culture.

“For many people looking for the quality of life and community amenities this area offers, renting an apartment is the only viable option,” says Diaz. “With 30-year mortgage rates on the rise and median monthly mortgage payments in Arcadia exceeding $5,600, the need for high-quality multifamily housing, like Parq on 50ewill remain strong for the foreseeable future.

According to Diaz, the community’s former owner renovated 52% of unit interiors to a luxury setting, allowing the Odyssey team to draw on decades of experience in value-added renovations and on direct experience of current market demands to upgrade the remaining 48% of units. and position the asset as a leader among surrounding properties.

“Park on 50e presents an opportunity to address the underserved need for highly upgraded housing with a luxury feel at an accessible rental rate,” continues Diaz. “In addition to the interior renovations, we plan to increase value through the addition of amenities, including Smart Home technology packages and the implementation of bulk cable/internet service throughout the property. property and valet parking. Additionally, some of the community’s unique one-story casita-style units will feature newly expanded private yards or patios, making these apartments feel more like single-family homes.

Located in the prestigious Arcadia neighborhood, residents enjoy a prime central location with employment, retail, entertainment and dining opportunities all within a five-minute drive. The property is located just two miles south of the Camelback Corridor, one of Metro Phoenix’s largest employment centers and home to hundreds of businesses employing more than 50,000 white-collar workers. The prime location provides residents with direct access to all metro areas of Greater Phoenix via Interstate 1-, Loop 202 and State Route 51.

Built in 1979, Parq on 50e consists of twelve buildings on 5.6 acres of land. The mix of units offers a mix of studio, one and two bedroom units. Existing facilities include a pool and spa, two laundry facilities, fitness center, grilling station, and dog park.

Parq on 50th is located at 5008 E. Thomas Road, Phoenix, Arizona.

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