Clear Capital has acquired Loramont on Thomas Apartments, a 180-unit property in Phoenix, for $32.1 million. The buyer financed the acquisition with a 10-year, $19.3 million Freddie Mac loan originated by PGIM Real Estate, according to public records.
Tower 16 Capital Partners sold the property after nearly three years of ownership. The firm paid $11.7 million for the community in 2019 and invested roughly $2.5 million in capital improvements. Berkadia advised Tower 16 on the sale.
Thanks to Phoenix’s strong growth, Tower 16 plans to reinvest in several properties in the Phoenix multifamily market over the next several years, Tower 16 Co-Founder Mike Farley revealed in a prepared statement.
Built in 1977, Loramont on Thomas encompasses 14 buildings spanning 4 acres. The buildings feature studio and one-bedroom apartments and common-area amenities such as three pools, laundry facilities, a central park, barbecue areas, a playground, and a dog park. Clear Capital plans to further improve the property.
Located at 4903 W. Thomas Road, the property is in the Maryvale submarket, near several major thoroughfares, including interstates 10, 17, and 60, with access to downtown and the entire Greater Phoenix metro. The community is also near major employment centers near Loop 202, home to FedEx and Amazon facilities.