PHOENIX—The Praedium Group, a New York City-based nationalreal estate investment firm, purchased Adobe Ridge Apartments in Phoenix for $26 million. Praedium purchased the 224-unit, Class A complex, located along Highway 101 in northern Phoenix, from a private investor.

“Adobe Ridge is a high quality multifamily asset in the Phoenix market, which is still in the early stages of recovering from the financial crisis. Phoenix is one of the only markets in the nation where you can buy below peak prices” Asim Hamid, director of The Praedium Group, tells GlobeSt.com. “During the downturn, employment fell dramatically in this market, but in 2013 we saw job growth in the Phoenix area surpass the national average and we expect this trend to continue. With recent employment gains in Phoenix, demand has improved while additions to supply remain below the historical average.”

Hamid believes there is substantial upside potential through the implementation of a number of capital investment and management initiatives to better position the property in the Phoenix marketplace. For example, the company plans to upgrade the clubhouse, fitness center, leasing center, swimming pool, signage and landscaping.