Northmarq’s Phoenix office completes $18.6 million sale of Obsidian on 85th in Peoria, AZ

PHOENIX (Oct. 3, 2023) — Northmarq’s Phoenix Multifamily Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca have completed the $18.6 million sale of Obsidian on 85th. The 100-unit multifamily community is located at 10860 N 85th Ave. in Peoria, Arizona. Northmarq represented the seller, Tower 16 Capital Partners. The buyer was RSN Property Group. “The purchaser plans on repositioning the asset to maximize cash flow,” said Hudson. “They rebranded The Tallows @ Peoria community and intend on completing interior renovations to increase rent and the asset value.” Built in 1975, the garden-style multifamily property features 20% one-bedroom apartment homes and 80% two-bedroom units averaging 720 sq. ft. The seller completed over $2 million worth of capital improvements addressing the deferred maintenance items at the community including exterior paint, pool and spa repairs, landscaping, fencing, signage, leasing office updates and roof repairs. Obsidian on 85th is situated in downtown Peoria, within a 5-mile radius of over 100,000 jobs. Peoria continues to experience unprecedented job growth and major economic development including the Westgate Entertainment District and Stadium @ P83, fueling robust demand for multifamily housing in the submarket. View available multifamily properties here.