Thomas Pride International, ECOHAUS Real Estate purchase Phoenician Villa Apartments

Phoenician Villa Apartments, 1545 W. Camelback Road in Phoenix. (Submitted Photo)

Phoenician Villa Apartments, 1545 W. Camelback Road in Phoenix, has sold for $5.5 million to Thomas Pride International and ECOHAUS Real Estate, a real estate development and redevelopment company that focuses on the creation and renovation of urban infill sustainable communities.

The seller was Neilstate Investment Properties, LLC, a real estate investment partnership. Kidder Mathews multifamily investment broker, Karl Abert, represented Thomas Pride International and ECOHAUS Real Estate in the transaction, a press release states.

The Phoenician Villa Apartments present a value-add opportunity to renovate and reposition a multifamily community in a rapidly gentrifying location, according to a release.

The Camelback Road sub-market offers a high concentration of upscale retail, restaurants and a diverse employment base. The community resides between the State Road 51 and Interstate 17 freeways and offers residents access to the Valley Metro Light Rail.

“Thomas Pride International and ECOHAUS Real Estate partners are enthusiastic to have acquired the 93-unit Phoenician Villa Apartments and execute their proven, innovative and award-winning multifamily community transformation,” Mr. Abert said in a prepared statement.

“The Phoenix Camelback corridor will be significantly enhanced and improved by another distinguishing Thomas Pride International and ECOHAUS Real Estate community.”

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