Phoenix, Arizona – ORION INVESTMENT REAL ESTATE is pleased to announce the successful sale of a fully stabilized 10-unit multifamily property located at 2203 E McKinley Street in Phoenix, which closed for $1,350,000. The transaction was brokered by Colt Siler, Vice President, and Garrett Hemeyer, Vice President, who jointly represented both the buyer and the seller.

The property, totaling approximately 4,644 square feet, is located near downtown Phoenix in a centralized, high-demand corridor. All units were fully leased at closing through a subsidy program managed by HOM Inc., offering consistent rental income, minimal maintenance, and a quiet setting at the end of a low-traffic street.

The transaction required thoughtful execution, creative strategy, and deep market knowledge. After a previously escrowed deal fell through due to financing constraints, the ORION team adjusted pricing and shifted the marketing strategy to target all-cash and 1031 exchange buyers. The effort paid off when a motivated exchange buyer was identified through direct outreach and quickly moved to close.

“This was one of those deals where knowledge of the submarket, a deep investor network, and relentless follow-up made all the difference,” said Siler. “We were given a 60-day window by the seller to get it closed, and we delivered with 20 days to spare.”

Buyers are increasingly looking toward transitional submarkets like this one, where properties can be acquired at a lower cost per unit while still generating above-average income. However, market data showed that pricing was more sensitive to basis than cap rate. “Even though this deal was originally marketed above a 7 percent cap rate, few buyers were willing to pay the original price per door,” added Siler. “Once we aligned pricing with recent area comps, interest followed. Despite the subsidized rents being nearly 50 percent higher than nearby market-rate units, cap rate alone wasn’t enough to move the needle.”

Hemeyer emphasized the importance of formally taking a property to market. “There are still many buyers who are active and ready to pay solid prices, but they typically appear only when a listing is out in the open. Without listing this asset, a deal like this would have been missed.”

ORION continues to represent multifamily investors across metro Phoenix with a hands-on, data-driven approach that balances aggressive marketing with detailed transaction management. The firm expects continued activity as pricing adjusts and investor optimism steadily returns.