PHOENIX — The 382-unit Cabana on Thomas apartment community in Phoenix has sold for $24.3 million. The buyer was not named. The community is located at 1645 East Thomas Road.
Cabana on Thomas is situated a half-mile west of State Route 51, also known as the Piestewa Freeway, which provides access to Downtown Phoenix and Sky Harbor International Airport. Nearby employers include public entities like the City of Phoenix, Maricopa County and the State of Arizona, as well as companies like Wells Fargo, Bank of America, JPMorgan Chase, Freeport McMoRan Copper & Gold Inc., Ernst & Young, United Healthcare and Cigna Healthcare.
Common-area amenities include a clubhouse, four resort-style pools, a fitness center, electric vehicle charging stations, a bike storage room and a dog park. It offers studios to three-bedroom units.
The seller, Deco Communities, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.