Dealmaker: NorthMarq Arranges $77M for Arizona Apartments
Michael Tucker firstname.lastname@example.org
NorthMarq, Minneapolis, brokered two multifamily sales and arranged $76.5 million in financing for Arizona multifamily properties.
In Phoenix, Park at Deer Valley LLC, Chandler, Ariz. sold the 436-unit The Park at Deer Valley Apartments to Tides at Deer Valley Owner LLC, Los Angeles, for $56.7 million. The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in the transaction.
The buyer acquired the asset with a $49.1 million bridge loan arranged by Northmarq Senior Vice President James DuMars and Senior Producer Griffin Martin.
"Deer Valley industrial corridor is one of the largest job hubs in the valley," Koskovich said. "Home to several Fortune 500 companies, the submarket has one of the highest concentrations of major employers in the metro area and the property is within a five-mile radius to more than 140,000 jobs."
Koskovich, Hahn and Hudson also closed the sale of Canyons on Colter Apartments in in Glendale, Ariz., for $34.3 million. DuMars and Martin arranged a $27.4 million Freddie Mac loan for buyer 5631 W. Colter Street LLC, a Next Round Asset Management entity. Bear Holding LLC affiliate Arroyo Vista Partners LLC, Phoenix, sold the 304-unit asset.
"Canyons on Colter was a strategic investment as the property had minimal deferred maintenance due to the previous owner's capital investments, yet is still primed for value-enhancing improvements that will propel rents in the trending Glendale submarket," Hudson said. "With the ongoing expansion of Grand Canyon University and job growth along the 1-10 and 1-17 corridors, the Glendale multifamily submarket remains strong."
Canyons on Colter was built in 1984 on the south side of Colter Avenue east of 57th Avenue in Glendale.