October 14, 2022
Odyssey Properties, a multifamily investment sponsor and private equity real estate firm based in Los Angeles, has acquired Nola on 50th, a 155-unit multifamily community located in the Arcadia submarket of Phoenix, Arizona, for $37.25 million.
Nola on 50th, which Odyssey will be rebranding as Parq on 50th, is the firms third acquisition in Arizona since entering the market in late 2020. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Eddie Chang, Rue Bax, and Doug Lazovick represented the buyer and seller in this transaction.
“Despite the recent shifts in the market that have prompted sponsors to reevaluate, our team identified the potential of securing this strong value-add opportunity in one of the most supply-constrained and sought-after rental markets in the nation,” says Derek Graham, Principal and Founder at Odyssey Properties Group. “Drawing on our meticulous process, collaborative approach, and existing relationships in the Phoenix market, we were able to secure the asset at a favorable price for all parties involved.”