Lazovick tells GlobeSt.com, “There is a lot of buzz about Midtown and the buyer was very attracted to the area. Christine Mackay, Phoenix economic development director, has recently announced plans to turn Midtown into a tech hub by developing vacant office space. It's urban living; it's got a great vibe.

“For the buyer,” Lazovick continues, “The Hawthorne checked all the boxes. Occupancy at the property was consistently north of 95% and rent collections were strong, with the opportunity to further raise them through additional renovations. The Midtown location is a desired submarket that has seen large capital investments in recent years.”

Midtown is home to many of the valley's premier employment and entertainment options. Residents are within walking distance of the Phoenix Light Rail transit system, providing easy access to the entire Phoenix Valley.

“Midtown Phoenix has become a very desirable location as the burgeoning urban core continues to attract capital and a strong resident profile,” states Rue Bax, senior managing partner at ABI Multifamily.

The Hawthorne consists of a mix of one, two and three bedroom units, that average just under 1,000 square feet. All units have individual HVAC systems and hot water heaters, full size washer/dryer and a private patio/balcony. Select units have been renovated with high-end condo grade finishes inclusive of granite countertops, newer cabinets, tile flooring and stainless steel appliance packages. The fully gated community boasts many common area amenities including two swimming pools, two spas, fitness center, rental office, clubhouse and barbeque grills.

“This was an off-market deal,” says Dietz. “A lot of people know about The Hawthorne because of its grand entrance and pool. It's an attractive property. The deal was quietly consummated over a few months at the request of the seller. It was a well-managed property and 99% occupied at time of closing.

“The Hawthorne condominium project represents what is right and good in the Phoenix real estate market,” continues Dietz. “In 2009, the seller purchased a highly distressed property from the bank, and then he injected the appropriate amount of capital into both the physical property and the community association. Today, The Hawthorne is a fully stabilized property that provides a very nice living environment for its community. The seller did what he set out to do, and now he plans to ride off into the sunset.”