PHOENIX, ARIZONA (July 24, 2019) – Park at Deer Valley apartments, a multifamily housing community located near 19th Avenue and Bell Road, sold this month for $56.7 million.
The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction.
The buyer acquired the asset with a $49,142,000 bridge loan, arranged by James DuMars and Griffin Martin, of NorthMarq’s debt/equity team. “The client had numerous finance alternatives at the time of acquisition but selected NorthMarq/Freddie Mac due to their certainty of execution, excellent loan terms and integrated direct lending platform,” said DuMars.
The buyer was Tides at Deer Valley Owner, LLC, an entity formed by Tides Equities, of Los Angeles, California. The Tides team has been aggressively acquiring multifamily assets throughout Phoenix.
“Deer Valley industrial corridor is one of the largest job hubs in the valley,” said Koskovich. “Home to several Fortune 500 companies, the submarket has one of the highest concentrations of major employers in the metro area, and the property is within a 5 mile radius to over 140,000 jobs.”
Park at Deer Valley LLC, an entity formed by Billah Khan, of Chandler, Arizona, was the seller.
Built in 1984, the 436-unit apartment community feature studio, one- and two-bedroom apartments, along with two swimming pools, five playgrounds, a dog park, and multiple sports courts. Park at Deer Valley is strategically located in the Deer Valley employment corridor, home to several fortune 500 companies.