NorthMarq’s Phoenix office negotiates $9.6 million sale of Revival on 7th Apartments in Phoenix, Arizona
PHOENIX, ARIZONA (May 7, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale of Revival on 7th Apartments. The 67-unit mid-century modern apartment complex was built in 1966 and features studios and one-bedroom residences. The property is located at 6060 North 7th Street, In Phoenix, Arizona. The acquisition of Revival on 7th, marks the buyer, Skymaster, LLC, based out of Chicago, first acquisition in the Phoenix multifamily market.
“The close proximity to job corridors coupled with abundant nearby lifestyle amenities such as shopping, entertainment, dining and nightlife makes 6060 N 7th an ideal fit for JAB’s successful investment formula,” says Samuel Reategui, Director of Acquisitions for JAB.
7th Street in North Central Phoenix has become a hotspot for entertainment and dining. Revival on 7th is positioned minutes from multiple large employment sectors including healthcare, government, hospitality, numerous golf courses and majestic mountains that offer residents a number of outdoor activities to engage in. Paradise Mall represents a major destination for North Phoenix restaurants as it offers numerous chain restaurants and big-box stores. Interstate 17 and Route 101 make commuting around this area efficient.
“Revival on 7th’s dynamic location in the North Central Phoenix submarket positions the value-add opportunity in proximity to the Downtown area which has experienced and tremendous influx of job growth which promotes the need for repositioned multifamily homes,” said Hudson.
Community amenities include: Laundry facilities; maintenance on-site; property manager on-site; furnished units available; online services; fitness center; pool; gated courtyard; grill and picnic area. Apartment amenities include: Air conditioning; heating; ceiling fans; hardwood floors; walk-in closets; yard; microwave; refrigerator; tub/shower and cable ready.
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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 and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
