Northmarq’s Phoenix office completes the $14.5 million sale of 16.91 Acres in Goodyear for future multifamily development

Multifamily Development
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PHOENIX, ARIZONA (March 23, 2023) --- Northmarq Phoenix’s Investment Sales team of Jesse Hudson, Trevor Koskovich, Ryan Boyle and Logan Baca brokered the $14.5 million sale of 16.91-acres located at 14935 W. Van Buren Street in Goodyear, Arizona. Northmarq’s Investment Sales team brokered the transaction for the Scottsdale-based seller, Goodyear Living LLC. The buyer was Urban Street Group, LLC from Schaumburg, Illinois.

“This was the first purchase for Urban Street Group in the metro Phoenix market, but they are an experienced developer who has been actively looking for development opportunities in the market for a few years,” said Hudson.  “They have already begun working on the land improvements and plan to move forward with the townhome development that Goodyear Living had planned.” Goodyear Living had planned a 307-unit townhome development, tentatively called The Douglas at Goodyear Airport Commons.

The property is located just south of Interstate 10 (I-10) at Bullard Avenue. It is two miles from Goodyear Ballpark, the spring training home of two MLB teams, the Cleveland Guardians and the Cincinnati Reds. 

Goodyear grew by almost 50 percent between 2010 and 2020 and has a current population of approx. 101,000 with a median age of 37.8 years and a median household income of $85,147. The city boasts a thriving business community and is home to several major companies including Amazon, Microsoft and Dick’s Sporting Goods. Goodyear has a growing Medical Innovation Corridor with Abrazo West Campus, a Level 1 trauma center and Cancer Treatment Centers of America. The city is situated between the Sierra Estrella and White Tank Mountains, offering scenic views and has 19 city parks and numerous golf courses and outdoor recreational opportunities to take advantage of the year-round sunshine.   

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, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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