Multifamily - Debt, Sale

Northmarq brokers and finances $20 million sale of Escondido Apartments in Phoenix’s Arcadia Lite neighborhood

PHOENIX, ARIZONA (March 10, 2022) – Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the seller, Next Fortune Capital, LLC of Mountain View, California in the $20.05 million sale ($267,333 per unit) of Escondido Apartments at 4422 N. 36th Street in Phoenix. The buyer was Sheiner Group of Westmount, Quebec, Canada. 

For a full breakdown on the 2021 multifamily market fundamentals see Northmarq’s Q4 Phoenix Market Insights

Northmarq’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw, and Tyler Woodard provided financing for the acquisition with a $15.25 million bridge loan. 

Built in 1979, Escondido Apartments is a single-story garden-style multifamily complex with 75 units. The studio and one-bedroom apartments range in size from 400 to 600 sq. ft. The complex includes a community pool, on-site laundry, covered parking and a 24-hour Amazon hub automated package center.

Located in the Arcadia Lite neighborhood, Escondido Apartment residents are within walking distance to neighborhood stores and restaurants including La Grande Orange Grocery & Pizzeria and Postino Arcadia. The complex is minutes from multiple employment corridors including Camelback, Scottsdale, Midtown and Downtown Phoenix, and Sky Harbor International Airport. Two of the Valley’s premiere shopping centers, Biltmore Fashion Park and Scottsdale Fashion Square and several hotels and resorts, including The Biltmore, Royal Palms and The Camby, are all within a five-to-ten-minute drive. 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.