PHOENIX, ARIZONA (November 23, 2020) – NorthMarq’s Phoenix office negotiated the $82.95 million sale of Christopher Todd Communities at Stadium. The 313-unit multifamily community is located at 9999 West Missouri Avenue in Glendale, Arizona. This is the fifth sale of a Christopher Todd Community in 2020, which totaled 943 homes for $235.5 million
The sale was brokered by NorthMarq’s President of Investment Sales Trevor Koskovich, Vice President Jesse Hudson, and Executive Vice President Bill Hahn. Griffin Martin, managing director – debt & equity, NorthMarq also arranged the financing for the purchase through its Fannie Mae relationship.
Three communities closed in March, one closed in April and the last one closed Nov 12, 2020. These five communities were the first to be developed as the Company embarked on a path to disrupt the multi-family industry. All communities were developed and wholly owned by Christopher Todd Communities.
“The investor appetite for the Built-To-Rent communities has exploded in the last two years, with Christopher Todd Communities leading the way. Not only are we seeing demand from institutional investors, we also have seen increasing interest from the lender community to bring capital to the sector,” said Koskovich.
Comprised of single-story, single-family pet-friendly smart homes, the communities are less dense than typical multi-family, with no one above or below, the keyless door entry makes it easy to come and go with minimal touching of materials, and the private backyards give people the space to be socially distant, yet maintain a sense of connection. Resort-style amenities are included in every one of these gated communities.
Griffin Martin, senior vice president/managing director of NorthMarq’s Phoenix office arranged acquisition financing of $45,875,000 for the property through its in-house Fannie Mae team. They were assisted by analysts Justin Klett and Kurt Boettcher. The financing was structured with a 10-year term with 7-years of interest-only, followed by a 30-year amortization schedule.
“The superior quality of these Christopher Todd Communities coupled with the high profile national sponsor resulted in excellent loan terms for the borrower,” explained Martin.