Private Investor Sells Revival on Thomas Apartment Complex in Phoenix for $21M
PHOENIX — A local private investor has completed the disposition of Revival on Thomas, a multifamily property located in Phoenix. An out-of-state buyer acquired the property for $21 million, or $135,484 per unit.
Located at 5008 E. Thomas Road, Revival on Thomas features 155 units in a mix of studio, one- and two-bedroom layouts with updated electric kitchens, individual water heaters, air conditioning, ceiling fans and walk-in closets. Built in 1979, the property was renovated in 2018. Community amenities include a new security gate, covered parking, a leasing office with adjoining fitness center and a resort-style pool and spa.
Rich Butler of Marcus & Millichap’s Phoenix office represented the seller in the transaction.