About Our Office

Our Phoenix office offers investment sales expertise for multifamily and manufactured housing properties and a complete range of financing options for all types of commercial real estate. We serve the entire Southwestern region and can arrange commercial real estate loans for any property type through our unmatched network of lending partners. Call our local office to learn more.

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Phoenix Q2 Multifamily Report: New Supply Coming Online, Even as Demand Growth Cools


Phoenix Multifamily market report snapshot for Q2 2020
  • All markets are being impacted by the COVID-19 outbreak, but to this point, the Phoenix multifamily market has performed quite well. Vacancy is only slightly higher than one year ago, and that is due largely to seasonal factors and an increase in new supply.
  • Vacancy rose 30 basis points during the second quarter, reaching 5.7 percent. Increases in the summer months are common; the rate has risen during the second quarter in each of the past 10 years.
  • Rents dipped slightly in the second quarter as the market softened and uncertainty surrounding the economy rose. Asking rents ended the second quarter at $1,184 per month, up 4 percent year over year.
  • Multifamily development is active in 2020. Developers completed more than 7,200 apartment units during the first half of the year, with another 15,100 units currently under construction.
  • Investment activity slowed but has not stopped completely, and prices and cap rates are demonstrating continued strength. The median price is up 20 percent year to date, reaching $166,000 per unit, while cap rates are averaging 5 percent.

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Multifamily Debt Expert Brandon Harrington joins NorthMarq

Brandon Harrington, a well-respected multifamily debt expert, joins NorthMarq to collaborate with the company’s eight-person multifamily investment sales team led by Trevor Koskovich, president-Investment Sales. Harrington, managing director-multifamily debt and equity, is a significant originator of multifamily debt across all capital sources, closing nearly $1 billion in multifamily financing transaction volume in the last two years.

“We’re extremely excited to bring Brandon’s best-in-class execution to our team, but beyond that, he will be a meaningtful part of our growth strategy,” said Jeff Erxleben, executive vice president/regional managing director. “By combining forces with our investment sales experts in the southwest, we expect Brandon to help us create the dominant multifamily platform in the region.”

For the last two years, Harrington worked for JLL as managing director within its Capital Markets group. Previously, he was managing director at Walker & Dunlop, and has worked for Cohen Financial.

“I’m very happy to join NorthMarq to bring additional energy and leadership to the company’s growth in Phoenix and across the Southwest,” said Harrington. “NorthMarq has a great debt platform in place, and I’m excited to bring our deep knowledge of the multifamily capital markets to help grow their market share.”

Harrington joins NorthMarq’s Phoenix office and its four additional debt and equity professionals, along with the investment sales team.

In business since 1960, NorthMarq has grown to more than 600 employees through more than 20 acquisitions, a $61 billion loan servicing portfolio and access to hundreds of capital sources.

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Phoenix Q4 Market Report: Investment Volume Surges to Close 2019


Phoenix 4Q 2019 market snapshot
  • The Phoenix multifamily market recorded a very strong 2019, with rents posting sizable gains and vacancy creeping lower. Conditions cooled slightly during the fourth quarter, which may be an early indication of a more modest pace of growth in 2020.
  • Vacancy ended 2019 at 5.6 percent, 10 basis points lower than at the end of the preceding year. The rate ticked up 10 basis points from the third quarter to the fourth quarter.
  • Asking rents spiked 9.4 percent in 2019, one of the most significant rises in the country. Rents ended the fourth quarter at $1,175 per month.
  • Projects totaling more than 8,200 apartment units were delivered in 2019, and the development pipeline includes nearly 13,200 additional units currently under construction. In recent years, demand has been sufficient to absorb the new development while keeping vacancy in a tight range.
  • Multifamily investment activity surged in 2019, with momentum growing throughout the year. The median price spiked, reaching $138,600 per unit for the full year and approaching $150,000 per unit in the second half. Cap rates averaged 5 percent in 2019, with lower rates recorded in the closing months of the year.

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Tucson Q4 Market Report: Strengthening Jobs Outlook Supporting Apartment Fundamentals


Tucson Q4 2019 market snapshot
  • The Tucson multifamily market closed 2019 on an upswing, with local employers adding workers, rents rising, and the vacancy rate tightening.
  • Vacancy dipped 10 basis points in the fourth quarter, ending the year at 5.5 percent. The rate fell 60 basis points from the end of 2018 to the close of 2019.
  • Asking rents trended higher throughout 2019, ending the fourth quarter at $831 per month. Average rents rose 5.7 percent during the year.
  • Investment activity slowed in the fourth quarter, and sales velocity in 2019 was down approximately 35 percent from 2018 levels. While fewer properties sold, prices pushed higher; the median price reached $74,800 per unit, while cap rates compressed to an average of 5.5 percent for the year.

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Griffin Martin promoted to managing director of NorthMarq’s Phoenix office

PHOENIX, ARIZONA (January 29, 2020) – The Phoenix office of NorthMarq announces the promotion of Griffin Martin to managing director. In his new role, Martin will lead the office and manage the daily debt/equity operations of the Phoenix office along with managing director James DuMars to provide a complete range of financing to the entire Southwestern region and nation through its unmatched network of lending partners.

“James and I share similar core values including ‘taking care of the customer’ and ‘thinking long term.’ Consequently, I’m excited to partner with James as co-managing director of the Arizona office,” said Martin.

“Griffin has an unrelenting drive for achieving exceptional results and taking care of the customer. These exceptional traits coupled with his leadership skills make him an ideal fit to help me co-lead the Arizona office,” said DuMars.

Martin has been in the commercial real estate industry for more than 15 years. He joined NorthMarq in 2015 as a vice president and was promoted to the position of senior producer in 2018. Martin has cultivated a wealth of experience in NorthMarq’s direct agency lending platforms assisting clients with financing from both Freddie Mac and Fannie Mae. In addition to his multifamily finance experience, Griffin also helps clients access capital sources for manufactured housing, self-storage, office, retail and hospitality.

Martin also has extensive experience in arranging bridge financing and construction financing. He has worked closely with clients seeking to access permanent loans from NorthMarq’s wide array of life insurance companies.

Martin is a graduate from the WP Carey School of Business at Arizona State University (Summa Cum Laude) with a degree in Finance. He holds an active Real Estate license in the State of Arizona and is a current or past member of the Urban Land Institute (ULI), National Association of Industrial and Office Properties (NAIOP), International Council of Shopping Centers (ICSC), and Asian American Hotel Owners Association (AAHOA). In his spare time Martin volunteers as a youth basketball coach at the Scottsdale YMCA.

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NorthMarq’s Phoenix office brings aboard Bryan Mummaw as senior vice president

PHOENIX, ARIZONA (January 15, 2020) – Bryan Mummaw recently joined NorthMarq’s Phoenix-based regional office in the role of senior vice president. At NorthMarq, he will assist in the origination of debt and equity for owners of commercial and multifamily real estate. His experience in both financing and investment sales will benefit clients throughout the entire transaction process.

“I’m excited to join NorthMarq because of their entrepreneurial spirit, their wide array of capital products offered to clients, and synergies with the investment sales and servicing platforms,” said Mummaw.

“Bryan is a rising star in the industry and we are very excited to have him join our team,” said James DuMars, senior vice president/managing director of NorthMarq’s Phoenix office.

Mummaw previously served as a director for Berkadia’s mortgage banking group. In this role, he was primarily responsible for sourcing debt and equity for private capital clients. Between 2017 through 2019, Bryan was part of the Scottsdale Berkadia team that originated more than $1.9 billion in real estate transactions.

Before joining the mortgage origination team at Berkadia, Mummaw served as an associate director for Berkadia’s investment sales group and its predecessor company, Hendricks and Partners. In this role, Mummaw was directly involved with private capital markets and advising clients on multifamily assets. His strong track record and holistic approach allowed Mummaw to effectively sell more than $100 million in multifamily assets for private capital clients.

Prior to Berkadia, Mummaw was director of operations for Fenix Private Capital Group, a boutique real estate firm specializing in the acquisition, rehabilitation and stabilization of distressed multifamily assets and notes.

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Zach Tolson recognized as an Emerging Professional in Commercial Executive Magazine

Zach Tolson, vice president – debt and equity in NorthMarq’s Phoenix office, is no stranger to hard work. Tolson’s road to playing Division 1 basketball under mentor and Coach Dan Majerle at Grand Canyon University didn’t come easy. After playing basketball most of his life, he graduated high school with zero college offers or interest. Instead of giving up, Tolson worked at his craft, faced many difficulties and overcame it all to achieve his dreams.

How did you get into the business?
My father, Adam Tolson, has been in the industry for more than 20 years. I gained interest at a young age which eventually led to an internship in commercial finance. After graduating from GCU, I landed a position at NorthMarq. During my internship, I gained a passion and strong desire to build a career in the real estate debt and equity space.

What is the most notable deal you’ve worked on?
The most notable deal also happens to be the first deal I brought in the door at NorthMarq. A $30 million Class A flex/office center in South Tempe that struggled with occupancy for years. It needed a bridge loan to do some necessary improvements and allow the buyer time to raise occupancy before securing permanent financing. It had a few moving parts, so it gave me the opportunity to gain additional insight into the value-add space and bridge lending space.

How has your experience as a D-1 athlete helped you as a broker?
The skill I use most often is my work ethic. Nothing about my basketball career was given to me or was pure luck. I had to work with intense tenacity to achieve each of my goals, and I think that it is my greatest strength as a commercial mortgage broker.

Where do you see yourself in 10 years?
I see myself being an industry leader, known as someone who achieves excellent results for my customers all wile adhering to my values. I also see myself starting my own family and achieving balance in my life with them as well. Long-term success to me is a package deal, which includes success in the industry and in my personal life.

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Greater Tucson Q3 Multifamily Market Report: Accelerating Job Growth Fueling Vacancy Declines, Rent Gains


  • The Tucson multifamily market continued to gain momentum in the third quarter, with vacancies tightening and rents rising. The investment market strengthened in response to improving market conditions.
  • Vacancy dipped 30 basis points to 5.6 percent in the third quarter, and the rate is down 40 basis points year over year.
  • Asking rents rose 2 percent in the third quarter and are up 6.9 percent in the past 12 months. Current asking rents in Tucson are averaging $820 per month.
  • Investment activity accelerated in the third quarter, while pricing was consistent. The median price has been approximately 75,000 per unit this far in 2019, while cap rates have averaged 5.8 percent in transactions that have closed year to date.

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Phoenix Q3 Multifamily Market Report: Rents Spike Again in Response to Strong Absorption


Phoenix Q3 multifamily market snapshot
  • The Phoenix multifamily market continued to post robust performance during the third quarter. Even as more than 3,200 units came online, the vacancy rate dipped and rents continued their upward climb.
  • Asking rents reached $1,163 per month in the third quarter, 10.1 percent higher than one year ago. Rents rose 2.1 percent from the second quarter to the third quarter.
  • Vacancy dipped 10 basis points in the third quarter, retreating to 5.5 percent. The rate is down 20 basis points year over year.
  • Developers completed more than 3,200 units during the third quarter, and thus far in 2019, more than 7,300 units have come online. Projects totaling approximately 11,200 units are currently under construction.
  • Multifamily sales velocity slowed modestly from the second quarter to the third quarter, but activity to this point in the year is ahead of the 2018 pace. Year to date, the median price is approximately $132,800 per unit, up more than 10 percent compared to the 2018 median price. Cap rates have averaged 5 percent.

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Phoenix Office Multifamily Financing

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Phoenix apartment market remains red-hot; fueling influx of new capital, spike in transactions

It isn’t just temperatures in the Phoenix metro that are scorching; the multifamily rental market is hot as well. And vigorous demand is coming from both renters and investors.

Investors are snapping up apartment properties and paying hefty prices. In the first half of 2019, buyers spent $3.72 billion on 94 Phoenix-area apartments, a 41.8 percent jump from the first half of 2018. Sales in the $50 million and greater range accelerated the most.

What are the driving factors behind strong demand?
Phoenix is the fastest-growing city in the U.S., according to recently released data from the U.S. Census Bureau. Phoenix saw an increase of 25,288 new residents between 2017 and 2018, topping all other U.S. cities.  One reason for that growth: Phoenix remains more affordable than many other large U.S. metros. Many people are flocking to the Valley from high-cost, high-tech cities like Los Angeles and San Diego.  And Phoenix boasts a thriving job market including a fast-growing, high-paying tech sector.

Other booming industries include bioscience/healthcare and financial services. In fact, the Phoenix metro led the U.S. for new jobs created from May 2018 to May 2019 with 66,500 non-farm jobs, representing 3.2 percent job growth, according to a new U.S. Bureau of Labor Statistics report. Another 60,000 new jobs are forecast in 2019.

Robust net migration and job production are fueling the increased demand for new housing in Phoenix. This has led to a multifamily development boom. Developers delivered nearly 2,000 new units in the first quarter of 2019, well ahead of the 2018 pace, and another approximately 10,500 units are in the pipeline.

Despite new construction, Phoenix’s rents remain among the fastest-growing in the U.S. The metro ranked in the top two for the past several years for apartment rent growth. The average rent was $1,105 in the first quarter 2019, up 9.5 percent year over year. Phoenix is forecasted to be a top contender for U.S. rent growth again in 2019. The market also boasts a healthy 94.7 percent occupancy rate.

Meanwhile, Phoenix single-family home prices are expected to hit record highs in 2019 as home appreciation continues to climb.

New capital floods the apartment market
Historically, investors from California have pursued Phoenix apartment assets. But now there is a surge in new large investors from Colorado, Texas, Seattle and Portland. There is significantly more capital in the Phoenix-area market than multifamily properties to acquire, and most deals have upwards of 10-12 offers.

Another factorfueling strong transaction activity is the capital markets. The 10-year Treasury yield over the last 90 days has fallen dramatically, meaning financing for apartments is approximately 100 basis points lower than a year ago. Some of the largest players in the market are both buying and selling assets, even though pricing has increased significantly. This is because the debt they can obtain on new acquisitions is markedly cheaper.

The median price of Phoenix apartments pushed higher to start the year. In the first quarter, it was $136,700 per unit, a 15 percent jump from 2018. The average cap rate compressed by 5 percent and for some newer properties, it is as low as 4.5 percent.

New product emerging on the outskirts
Over the past five years, most new multifamily development has been infill projects in East Valley, Scottsdale, Chandler, Tempe and downtown and midtown Phoenix. However, a new emerging product type is low-density “Single-Family Rental Communities” with 4,400 units stabilized, in lease-up or under construction, and another 2,900 units in the pipeline.

These “lock-and-leave” units are being developed on the city’s peripheral in communities like Goodyear, Gilbert, Buckeye and Peoria, which historically, have seen little new construction. Land is less expensive on the outskirts than urban infill markets and single-level development costs are cheaper.

While urban infill continues, costs continue to rise. Single-Family Rental Communities represent an attractive property type that feels more like a community, with a backyard and no one living above or below. Accordingly, they are drawing strong rents. The two largest renter profiles for this new product are downsizing baby boomers and the more experience-driven millennials.

Baby boomers can live in a home similar to what they are accustomed to without the maintenance headaches and having to tap into their retirement savings for a big down payment. Meanwhile, millennials like the flexibility of a lease, yet want the comfort of a home rather than a high-rise.

What does the future look like?
The Phoenix multifamily market expects to continue to boast strong performance in 2019 and 2020.  Experts anticipate continued rapid rent growth, healthy absorption, strong development activity and an extended run of low vacancy rates. The apartment investment market got off to a quick start to 2019, which has paved the way for what will likely be another dynamic year.

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Tucson Q2 Multifamily Market Report: Vacancy Holds Steady, Rents Rise at Mid-Year


Tucson Q2 market snapshot
  • The Tucson multifamily market recorded its strongest second quarter in approximately 10 years. Vacancy is low and rents are rising, supporting new development and rising property sales prices. As construction accelerates in the second half, there could be some leveling off of market fundamentals.
  • Vacancy in Tucson was 5.9 percent in the second quarter, holding steady during a period where the rate typically pushes higher. The current vacancy figure is 40 basis points lower than the rate one year ago.
  • Asking rents reached $804 per month, a 7.1 percent year-over-year increase. The increase from the first quarter to the second quarter was 1.3 percent.
  • Prices pushed higher and more apartment properties sold during the second quarter, but activity levels continued to trail year-earlier volume. The median price thus far in 2019 is up to approximately $74,800 per unit, while the average cap rate is a tick under 6 percent.

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James DuMars celebrates 25 years with the company

James DuMars in our Phoenix office celebrates 25 years with the company this week! He enjoys traveling and spending time with his family, and he’s known for his ability to recall the details of a deal — even ones closed years ago. Thanks for being part of the team, James!

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Phoenix Q2 Multifamily Market Report: Rents Continue their Upward Climb


Q2 Phoenix multifamily market snapshot
  • The Greater Phoenix multifamily market posted healthy performance during the second quarter. Renter demand is being fueled by continued hiring and with absorption active, rents are pushing higher at an accelerating pace. Asking rents ended the second quarter at $1,139 per month, up 3.1 percent from the first quarter and 9.8 percent higher than one year earlier.
  • Vacancy ticked up 30 basis points in the second quarter, reaching 5.6 percent. The current rate is down 20 basis points year over year.
  • Developers delivered approximately 2,100 apartment units to the market during the second quarter, similar to the total that came online in the first quarter. The number of units currently under construction has increased.
  • Sales of apartment complexes accelerated during the second quarter, and cap rates remained flat at an average of approximately 5 percent.

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Tucson Q1 Market Report: With Rents on the Rise, Cap Rates Compress


Tucson market report indicators for 1Q 2019
  • Operating conditions in the Tucson multifamily market strengthened during the first quarter. Vacancies tightened and rents rose. Apartment completions have been limited to this point but are forecast to accelerate.
  • The vacancy rate dipped 20 basis points in the first quarter to 5.9 percent. This is just the second time in the past 10 years that the rate has fallen below 6 percent.
  • Asking rents continued on their upward trajectory, ending the first quarter at $794 per month. Rents have increased by 8 percent in the past 12 months.
  • The investment market was mixed to start the year. The number of sales retreated, but prices rose and cap rates compressed. The median price reached $62,300 per unit, while cap rates dipped into the mid-5-percent range in transactions that closed during the first quarter.

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CoStar presents NorthMarq with 2018 Power Broker Awards for Top Sales Broker and Top Sales Firm

CoStar recently announced its 2018 Power Broker Awards, celebrating the top CRE firms and brokers in the United States. NorthMarq’s Shane Shafer, managing director of NorthMarq’s Los Angeles office and Taylor Snoddy, managing director of NorthMarq’s Dallas office were recognized as Top Sales Broker in their markets. NorthMarq’s Phoenix and Dallas offices each earned a place in the ranks of Top Sales Firms in their markets.

Shafer and Snoddy were recognized for achieving high levels of sales transaction volume in their regions. The Top Sales Broker award distinguishes individuals based on the CoStar market in which the individual is located and is calculated using pricing information from closed sales transactions contained in CoStar’s COMPS database.

See Shafer’s listing here.

See Snoddy’s listing here.

The Phoenix and Dallas offices were listed due to their high levels of sales transaction volume in 2018. The Top Sales Firm award is bestowed upon recipients based on the CoStar market in which the company is located and is calculated using pricing information from closed sales transactions contained in CoStar’s COMPS database.

See the Phoenix listing here.

See the Dallas listing here.

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Phoenix Q1 Market Report: Sales Activity Spikes as Rents Continue to Rise


Q1 Market Indicators for Phoenix
  • The Greater Phoenix multifamily market started 2019 with a continuation of the prevailing trends from 2018. Renter demand for apartments was strong, construction continued at a fairly steady pace, and rents posted another quarter of sizeable increases.
  • Vacancy fell 40 basis points during the first quarter, reaching 5.3 percent. The rate is unchanged from one year ago.
  • Asking rents rose by nearly 3 percent in the first quarter, and at $1,105 per month, are up 9.5 percent year over year. The Phoenix metro area is forecast to lead the country in rent growth in 2019.
  • Developers delivered nearly 2,000 apartment units during the first quarter, and approximately 10,500 additional units are currently under construction.
  • Apartment property sales accelerated in the first quarter, and activity is well ahead of last year’s pace. The median price pushed higher to start the year, and the average cap rate has compressed to approximately 5 percent.

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Tucson Q4 Market Report: Sales Activity Accelerates in Larger Transactions


Tucson Q4 market indicators
  • The Tucson multifamily market posted strong performance to close 2018. Rents rose during the fourth quarter, and more apartment properties sold at higher prices.
  • Vacancy inched up 10 basis points during the fourth quarter. Despite the rise in the final few months of the year, the vacancy rate ended 2018 at 6.1 percent, down 20 basis points for the full year.
  • Asking rents spiked 2.5 percent in the fourth quarter, reaching $786 per month. Rents posted an annual increase of 7.8 percent in 2018, building on a gain of 6 percent in 2017.
  • The investment market heated up as the year came to a close, with sales activity accelerating and prices pushing higher. Cap rates dipped by about 30 basis points in 2018, averaging approximately 6 percent for the year, while the median price surged to $57,500 per unit. Cap rates averaged approximately 5.5 percent during the fourth quarter.

Download the full report here

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Phoenix Q4 Market Report: Rent Growth, Employment Gains Fueling Phoenix Apartment Market


Phoenix Q4 2018 market report indicators
  • The Greater Phoenix multifamily market closed 2018 on a high note, with vacancy remaining low and rents posting significant increases. Renter demand remains strong enough to keep vacancy tight even as new units are delivered.
  • Vacancy was 5.7 percent at the end of the fourth quarter, matching the rate from the third quarter. The rate declined by 10 basis points in 2018, following a 20-basis-point improvement in 2017.
  • Greater Phoenix continues to record some of the strongest rent increases in the country. In 2018, asking rents spiked 8.9 percent, reaching $1,074 per month. Rents rose 1.7 percent during the fourth quarter, a typically slow period for rent growth.
  • Apartment construction slowed during the fourth quarter, and deliveries in 2018 lagged levels from 2017. Projects totaling more than 11,000 units are currently under way, and deliveries will likely pick up in 2019.
  • Sales of apartment properties slowed a bit in the fourth quarter, but transaction velocity in 2018 was nearly identical to 2017 levels. Sale prices pushed higher, with the median price reaching $120,000 per unit. Cap rates compressed in 2018, averaging 5.2 percent for the year and 5 percent in the fourth quarter.

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NorthMarq Multifamily expands manufactured housing team with addition of sales expert Chris Michl

NorthMarq Multifamily announced today that Chris Michl has joined its national manufactured housing team, which is based in Phoenix, Arizona.

In his new role at NorthMarq, Michl will use his business expertise to market manufactured housing communities and identify buyers and sellers of the asset class. He will also work to expand the team’s presence outside of its primary focus in the southwest.

Michl arrives at NorthMarq after five year in staffing/recruiting companies, where he facilitated staffing needs by identifying and recruiting talent. His experience includes developing strategic partnerships, assessing business requirements and analyzing client satisfaction.

“Chris is a great addition to our manufactured housing team,” said Trevor Koskovich, president – NorthMarq Multifamily. “With his diverse sales experience, he brings a great new perspective to our clients and our business.”

Michl graduated from the University of Iowa with a Bachelors in Business Management and is originally from the Chicago area.

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Phoenix Q3 Market Report: Apartment Rents Remain on an Upswing

Report highlights:

  • 3QResearchReport-PHX_Indicators_250pxConditions in the Phoenix multifamily market strengthened during the third quarter. Vacancy tightened and rents spiked. The investment market responded to the favorable fundamentals with an uptick in sales activity.
  • Vacancy in Phoenix fell 10 basis points during the third quarter, reaching 5.7 percent. The rate is unchanged from one year ago and has remained in a tight range since 2016.
  • Rents continue to rise at a rapid rate. Asking rents rose 1.8 percent from the second quarter to the third quarter, reaching $1,056 per month. Asking rents have surged 8 percent during the past 12 months.
  • Apartment deliveries have been on the rise, with more than 2,500 units coming online in the third quarter. Completions have topped 6,300 units year to date.
  • Investment conditions were mixed during the third quarter, with activity picking up as the median price crept lower. Cap rates have remained very consistent throughout the year, averaging 5.3 percent.

Download the full report here

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Tucson Q3 Market Report: Apartment Market Strengthens as Job Growth Gains Steam

Report highlights:

  • 3QResearchReport-Tucson_Indicators_250pxThe Tucson apartment market improved during the third quarter with vacancy dipping and rents posting strong gains. The market is being supported by an accelerating pace of employment growth.
  • Vacancy dipped by 30 basis points in the third quarter, ending the period at 6 percent. The current vacancy rate is 50 basis points lower than one year ago.
  • Asking rents posted another quarterly increase in excess of 2 percent. During the past 12 months, asking rents have spiked by 6.8 percent, reaching $767 per month.
  • Investment conditions cooled a bit during the third quarter with sales velocity slowing and the median price inching lower. Year to date, the median price is $50,000 per unit, while the average cap rate is just under 6 percent.

Download the full report here

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Commercial Executive Magazine features NorthMarq Multifamily $17 Million Sale as Deal of the Week

Commercial Executive Magazine interviewed Bill Hahn and Trevor Koskovich of NorthMarq Multifamily on the recent sale of Urban 188 Apartments. The 188-unit multifamily property, located at 1601 West Camelback Road in Phoenix, Arizona, sold this month for $17 million. The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich and Jesse Hudson represented both the seller and the buyer in this transaction.

Q: Location was a major component in this deal. What other factors played into the success of this transaction?

A: The fact that the property had just undergone a complete renovation, with all new HVAC units, kitchen appliances and flooring, among other systems. Also, easy light rail access encourages a young, upwardly-mobile tenant base.

Q: Urban 188 was a turn-key asset, does this type of property appeal to most of your investors?

A: Actually, no. Most buyers active today are looking for properties where they can add value by making physical improvements or management improvements, thereby increasing revenue. This particular buyer purchased Urban 188 because he believed in the organic rent growth that would come from the location and other factors mentioned in #1 above.

Hudson also noted that the property’s proximity to the light rail will likely improve property values as it encourages redevelopment and gentrification of the surrounding areas.

Urban 188 apartments, built in 1970, comprises 188-units situated on 22.30 acres. The community is a blend of 57 percent studios units, 42 percent one-bedroom, units and 1 percent two-bedroom units. The property, located on the south side Camelback Road east of 17th Avenue, is near manufacturing and warehousing employment along Interstate 17. Urban 188 is also located along the Metro light rail line with a station located just two blocks west at the intersection of 19th Avenue and Camelback Road, providing easy access to downtown Phoenix, Tempe and Mesa.  The immediate neighborhood surrounding Urban 188 comprises a mixture of single-family homes, multifamily projects, and commercial developments.

Urban 1601 Property LLC, of Phoenix, Arizona, was the buyer. 1601 W. Camelback Rd. LLC, of Las Vegas, Nevada, was the seller.

See the full story here.

The 188-unit Urban 188 apartments is located at 1601 West Camelback Road in Phoenix, Arizona

The 188-unit Urban 188 apartments is located at 1601 West Camelback Road in Phoenix, Arizona

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Koskovich joins panel at InterFace Phoenix Multifamily Conference

Trevor Koskovich, leader of our investment sales business, is among the experts that will share insights into the current state of the market and where it’s going in the next 12 months at the InterFace Phoenix Multifamily conference on September 11.

Expert Insights: Trevor Koskovich, InterFace Phoenix Multifamily Conference, September 11, 2018

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Hahn, Koskovich recognized as Broker Team of the Month in Commercial Executive Magazine

NorthMarq Multiifamily’s Bill Hahn and Trevor Koskovich were recently recognized as Broker Team of the Month in the July/August issue of Commercial Executive Magazine. The team’s submission was prepared and presented by Willmeng Construction. Partners since 2007, multifamily professionals Bill Hahn and Trevor Koskovich have been riding the highs and lows of the Valley’s commercial real estate market for more than a decade. “I remember meeting Trevor for the first time over a lunch in Old Town Scottsdale,” Hahn recalls. “We hit it off and we had a plan.”

Starting Points

Early in 2018, Hahn and Koskovich moved their entire 10-team member operation from Colliers to NorthMarq Capital. The firm is an industry leader in commercial real estate finance with annual production volume of $13 billion and a loan-servicing portfolio of $52 billion on behalf of more than 50 institutional investors and the government-sponsored entities (GSE’s). “We realized this would be a good alliance,” says Koskovich, President of newly created NorthMarq Multifamily Investment Sales group. “We each had what the other wanted.”


Hahn, Executive Vice President of NorthMarq Multifamily Investment Sales, and Koskovich, came to the commercial real estate industry on vastly different paths. “I entered the business with Marcus & Millichap in the early 1980s,” says Hahn. Koskovich, on the other hand, entered the arena with an entrepreneurial energy, having sold two companies he started. “I believed commercial real estate would be a great industry for me,” he says. “I interviewed every firm in town to fi nd out which would be the best fit.” Sperry Van Ness proved the right launching pad for Koskovich. “I knew that working with Bill was ultimately going to offer me the most opportunity and room to grow,” he says. At 27, Koskovich had little idea of the obstacles looming on the horizon. “The market was ready to fall off a cliff. I recall the best advice I gave him,” says Hahn. “He told me, stop talking to owners of commercial real estate and start talking with the lenders,” says Koskovich.

Read what led the Multifamily team to NorthMarq and how they  plan on paving the road going forward!

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Phoenix Rising: James DuMars and Jesse Hudson featured in Western Real Estate Business

These days, it is more than just the temps that are white hot in Phoenix. Competition among both buyers and lenders is heating up in the Phoenix apartment market.

Transaction volume is down from levels set in 2016, but demand is stronger than ever with a record high level of buyers and capital in the market. The common complaint is that there are more buyers than there are for-sale properties.

It is not unusual to have eight to 12 qualified bidders on a deal – twice the number that existed a few years ago. NorthMarq recently brokered a 200-unit, Class C, value-add sale in Phoenix that drew 12 offers with five going into a best and final. At the end, there were four very credit-worthy bidders who all had offers in within $100,000. The financing available for the acquisition was a 10-year fixed rate of 4.40 percent, 75 percent LTV and an initial five-year, interest only.

The main driver behind this appetite for apartments is that buyers see a good growth story. Phoenix has come a long way since its housing bubble burst more than a decade ago. The metro is enjoying strong employment and job growth with more than 50,000 plus jobs being created and 80,000-plus new residents moving to the area annually.

Read why the Phoenix market will remain incredibly competitive for both lenders and investors here.

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Phoenix Office Commercial Financing

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NorthMarq Multifamily featured in GlobeSt.com’s Middle Market Digest

Bill Hahn, Trevor Koskovich and Jesse Hudson of NorthMarq Multifamily in Phoenix and Cynthia Meister of NorthMarq Multifamily in Albuquerque negotiated the sale of Lincoln Heights Apartments in Albuquerque, New Mexico. The transaction was featured in GlobeSt.com’s Middle Market Digest. The 184-unit multifamily property sold for an undisclosed purchase price. The NorthMarq Multifamily team represented the buyer and seller in the transaction. Read the full transaction announcement.

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Phoenix office recognizes long-standing relationship with developer/redeveloper and philanthropist, Michael Pollack

NorthMarq Capital’s James DuMars recently celebrated his office’s decade-long relationship with Phoenix area developer/redeveloper and philanthropist, Michael Pollack. After more than 20 years (and 100+ transactions) of working together, DuMars noted “Michael is a very loyal man, you can’t take a relationship like that for granted. We have a wonderful business relationship built on honesty and respect.” Read the full story here.

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James DuMars featured in National Real Estate Investor


James DuMars addressed hot-topic items in the retail sector in a recent National Real Estate Investor article titled “Lenders Still Willing to Finance Retail, but Be Prepared for Extra Security.”

The article covers how it’s not entirely business as usual in a retail sector that’s been hit by a double whammy of rising e-commerce sales and shifting consumer shopping patterns. Check out the full story here.

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James DuMars featured in Commercial Executive Magazine

James DuMars authored a featured article in Commercial Executive Magazine titled “Let the Good Times Roll.” In the story, DuMars highlights the annual CREF conference, as well as hitting on high-interest topics including: debt funds gearing up to fund construction/JV Equity/mezzanine loans, securitization, CMBS trends, life companies and agencies. See the full story here.

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