NorthMarq’s Phoenix and Dallas team finalizes 307-unit apartment sale in Glendale, Arizona
PHOENIX, ARIZONA (June 15, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered and financed the sale of Desert Gardens Apartments located at 13517 West Glendale Avenue in Glendale, Arizona. NorthMarq represented both the buyer, Tides Equities, LLC and the seller, Desert Gardens, LLC.
“NorthMarq has executed over 3800 units in the last year with Tides Equities totaling over a half billion in sales volume,” said Hudson. “We are excited to continue our relationship with Tides Equities and help their portfolio grow in the multifamily sector.”
Desert Garden’s compelling location in the burgeoning submarket of Glendale is an ideal location to improve the property by finishing the already in-place renovations and rebranding the property. Rents and occupancy have continued their positive growth with vacancy being down over 10 percent and asking rents up almost $100 year over year.* Population growth has increased 4 percent over the last 10 years and is projected an annual growth over 2 percent each year until 2026.**
NorthMarq’s Dallas debt and equity team of Jeff Erxleben, Lauren Bresky, and Kevin Leamy financed the acquisition for the buyer with an 80 percent LTC debt fund execution with 100 percent funding of future capex.
*Real Data
**Costar area demographics
Meet our team
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
