PHOENIX, AZ - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Citi on Camelback, a 178-unit residential community situated on the highly desirable Camelback Corridor.
ARA principal, Brad Goff, and senior vice president David Lord, represented the seller, Orion Residential, in the $18 million transaction.
Citi on Camelback was developed by Legacy Partners in 2002 as apartments and was comprised of 361-units. The community was later converted to condominiums in 2005 and over the course of the next three years, 183 of the units were sold. Orion Residential purchased the property in 2009 and converted the remaining units to for-rent apartments.
The community is immaculately maintained in a resort-like setting and offers luxury studio, one, two and three-bedroom floor plans with spacious layouts and modern-day features, including granite countertops and full-size washer/dryer in every unit. Conveniently located on Camelback Road near the SR-51 freeway, Citi on Camelback is within minutes of Sky Harbor International Airport, Downtown Phoenix and the Central Phoenix Financial District/Camelback Corridor.
“The sale of Citi on Camelback is indicative of the investment community’s renewed interest in the urban, infill areas of Phoenix”, said Goff. “Citi on Camelback is located in one of the strongest job corridors in the state and enjoys the resurgence in the area from light rail, entertainment and shopping in the area.”
Citi on Camelback was acquired by one of the AHC Metro Realty Funds managed by Arthur Hill & Co. LLC in Evanston, Illinois. Tom Zabor, Vice President of Acquisitions, noted that the AHC Funds are currently in the market with a strategic focus on multifamily including condo conversions and apartment projects in Arizona and Texas.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 678.553.9360 or Amy Morris at amorris@ARAusa.com, 678.553.9366; locally, Brad Goff goff@ARAusa.com
or David Lord dlord@arausa.com.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in average annual production volume of $5.5 billion in real estate transactions since 2005. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com