PHOENIX, ARIZONA (December 16, 2020) – The 165-unit Meadows Apartments, located near Cave Creek Road and north of Bell Road, sold on November 24 for $25,550,000.
NorthMarq’s Phoenix Investment Sales team led by Trevor Koskovich, Jesse Hudson, and Bill Hahn, brokered the sale and represented both buyer and seller in this transaction.
“The Meadows was a highly sought after apartment community located near the popular Deer Valley submarket,” says Hahn, Executive Vice President at NorthMarq. “The asset was positioned to increase revenue through organic market rent increases, a strategic interior upgrade program and installation of in-unit washers and dryers.”
The buyer was Phoenix-based 3rd Ave Investments LLC, led by Zev Hendeles.
“The Meadows is 3rd Ave Investment’s nineteenth acquisition in the Phoenix market and will be a strong addition to our portfolio,” Hendeles said. “We plan to add value to the property through gradual unit renovations, as well as amenity and common area enhancements.”
The seller was GFT Investments I LLC, an entity formed by Rodger Grove, trustee.
NorthMarq’s Phoenix Debt and Equity team, led by Brandon Harrington, Bryan Mummaw, and Tyler Woodard arranged the acquisition financing for the buyer with an $18,999,000 Freddie Mac loan.
The 165-unit Meadows apartment community, built in 1985, comprises 14 percent studio units, 44 percent one-bedroom units, and 24 percent two-bedroom units.