NorthMarq sold and financed the 200-unit Proximity at Papago Apartment Community

PHOENIX, ARIZONA (NOVEMBER 30, 2020) – The Proximity at Papago Apartments, located near 48th Street and south of McDowell Road, sold on November 20th for $30,100,000. 

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. NorthMarq’s Dallas Debt and Equity Team financed the acquisition with an attractive 80 percent LTV Freddie Mac loan.

“Proximity at Papago was an enticing opportunity for the buyers due to its proven value-add interior renovation program and compelling location with immediate access to downtown Phoenix, Tempe, and Scottsdale,” said Hudson, vice president. “The seller invested over $2 million into repositioning the community and eliminating deferred maintenance so that the buyers can focus on driving revenue.” 

The buyer was a partnership between Tides Equities, a Southern California based entity formed by Sean Kia and Ryan Andrade, and AMC, a Southern California based investment firm founded in 1983 specializing in commercial real estate." 

“We are thrilled to add another well-located asset to our Phoenix portfolio,” said Andrade. “We look forward to repositioning the property with our Tides brand interior and exterior renovations”

The seller was Avenue North, LLC of Scottsdale, Arizona. Ryan Hartman is the principal and Chief Vision Officer.

“NorthMarq did an exceptional job finding a qualified buyer who saw the opportunity to invest further in the community,” says Hartman. “The central location and affordable rents should provide a good foundation for the buyer to continue to push value. In the meantime, we will continue growing our multifamily development platform in the build for rent space, as well as seek existing value-add opportunities in multifamily and mobile homes.”