Multifamily - Sale

NorthMarq arranges sale for the $14,625,000 purchase of Carob Tree in Phoenix, Arizona

PHOENIX, ARIZONA (February 19, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, senior vice president, and Ryan Boyle, senior associate brokered the sale of Carob Tree on February 4, 2021. The 137-unit multifamily property is located at 9202 North 19th Avenue in Phoenix, Arizona. NorthMarq represented the buyer, G2 Realty Capital, LLC and the seller, Carob Tree LLC.   

“Carob Tree represented a true win-win for both buyer and seller. The seller held the property for 15 years and benefited from a tremendous increase in value at time of sale,” said Boyle.  “The buyers were able to acquire a sizeable asset at an attractive basis.  They have significant renovations planned that will breathe new life into the asset.”  

Carob Tree, built in 1979, comprises 28 percent studio, 25 percent 2-bedroom/2-bathroom units and 47 percent 1-bedroom/1-bathroom units. In-home/community features functional floor plans, patio or balcony, pool, walk-in closets, pet-friendly policy, parking and high-speed internet access. 

The property is located in close proximity to numerous Phoenix attractions, including: Sky Harbor International Airport, Deer Valley Airport, Metrocenter Mall, Glendale Sports and Entertainment District, Tanger Outlets, Desert Ridge Marketplace, Paradise Valley Mall, Midwestern University and the new $1.4 billion Phoenix Metro Light Rail connecting Tempe to Mesa, Downtown & Greater Phoenix. 

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.