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.”
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion. For more information, visit www.northmarq.com.
