PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap has closed the sale of Cabana on Thomas, a 382-unit apartment home community in Phoenix. The $24.35 million sales price equates to approximately $64,000 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Deco Communities.
“Cabana on Thomas recently won the coveted American Society of Interior Designers' Adaptive Use Award, which honors excellence in interior design,” says Gebing. “The property's attractive mid-century modern architecture provided the basis for a comprehensive property repositioning influenced by international fashion trends and national design, incorporating unique vintage pieces from neighborhood shops and one-of-a-kind, community-focused murals.”
The 204,537-square-foot property is located on 12.7 acres at 1645 E. Thomas Rd. in Phoenix, one-half mile west of State Route 51, the Piestewa Freeway, which provides a direct connection to downtown Phoenix and Sky Harbor International Airport. Nearby employers include the City of Phoenix, Maricopa County, the State of Arizona, Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare, Cigna Healthcare, and the State Compensation Fund. Park Central Mall, a 712,000-square-foot retail, dining, and office center is approximately two miles northwest of the community.
Cabana on Thomas' studio, one- and two-bedroom floor plans are equipped with new cabinets, countertops, appliances, flooring, bathroom and shower fixtures, and accent walls. Refreshed amenities throughout the community include a Wi-Fi- ready leasing office and clubroom fully equipped with coffee shop-style seating, four resort-style pools with custom cabana shades, a new fitness center with cardio- and weight- training equipment, facilities, five electric vehicle charging stations, a bike storage room and a dog park.
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