Northmarq arranges Sierra Vista, Ariozona submarket record $12 million sale of Desert Sky Townhomes

PHOENIX, ARIZONA (August 2, 2021) – Northmarq arranged the sale of Desert Sky Townhomes, an 88-unit garden-style community in Sierra Vista, Arizona.  The transaction was brokered by Northmarq's Multifamily investment sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle. Acquisition financing via Freddie Mac was provided by Northmarq's debt/equity team of Griffin Martin and Justin Klett.

Built in 1996, the community boasts 3- and 4-bedroom units with an average size of 1163 square feet. The $12 million purchase price represents the largest multifamily sale in Sierra Vista so far this year, and the eleventh recent acquisition for Element Property Company in Arizona. 

Apartment rents have increased over five percent in Sierra Vista over the last year, spurring strong interest in the property.  “The buyer’s investment objective is to acquire properties that have value-add and management opportunities in secondary and tertiary markets with strong workforce job growth,” said Jesse Hudson, the lead broker on the sale.  “It was an ideal transaction for all parties involved.”