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Denver-based Capital Real Estate recently acquired the 180-unit Mandarina Luxury Apartment Homes in Phoenix for $25M. The company now owns 2,449 units in the metro Phoenix apartment market. The seller was a private entity, NMS Property Services.
"The attractiveness of Mandarina is due to the large number of jobs surrounding the complex — the immediate area features one of the region's strongest workforce populations," Orion Investment Real Estate's Matt Roach said. Along with his colleague Christopher Roach, he repped the seller.
Mandarina is adjacent to Papago Park Center, a 350-acre mixed-use development with over 3M SF of commercial space.
"This area has already seen a tremendous amount of growth and is continuing to expand," Matt Roach said.
Mandarina Luxury Apartment Homes, which NMS obtained in 2006, was the seller's last Phoenix property. The building, which is along the Valley Metro Light Rail, is 95% occupied.
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