Northmarq arranges $21.7 million sale of Rise at the Northern apartments in Phoenix

PHOENIX — Northmarq's Phoenix Investment Sales team of Jesse Hudson, Chris Michl and Logan Baca arranged the $21.7 million sale of Rise at the Northern, a 108-unit garden-style apartment community located at 17840 N. Black Canyon Hwy. in Phoenix, Arizona.

Northmarq represented the seller, Tailwind Investment Group. The buyer was Rise48 Equity. Rise48 Equity pre-empted the offer process and submitted a full-price offer with a non-refundable deposit on Day 1.

The property was formerly known as The Northern.

"In today's investment environment, buyers are highly selective, but exceptional opportunities continue to generate decisive action,” Hudson said. “Rise at the Northern checked every box: Strong in-place operations, significant capital investment by ownership, an executable value-add opportunity, and a location benefiting from tremendous employment growth. Those fundamentals gave the buyer the confidence to pre-empt the process with an aggressive offer."

"Rise at the Northern represents a compelling opportunity to expand our Phoenix portfolio in one of the metro's most established and well-located submarkets,” said Zach Haptonstall, CEO and Co-Founder, Rise48 Equity. “We're excited to execute our operational value-add strategy, elevate the resident experience, and continue investing in the markets we know best.”

Built in 1983 and situated on 3.62 acres within the Deer Valley submarket of north Phoenix, Rise at the Northern consists of four three-story residential buildings with a mix of one- and two-bedroom floor plans averaging 868 square feet. At the time of sale, approximately 20% of units had been renovated to a premium 'Platinum' finish level, with the remaining 80% of classic units presenting a clear and executable value-add opportunity for the incoming owner.

Units feature hard surface flooring, ceiling fans, fireplace, in-unit washer/dryer, walk-in closets and a private balcony/patio. Community amenities include a swimming pool with lounge chairs and shade structures, heated jacuzzi, outdoor dining area and ramada, fitness center, and picnic area and BBQ grills.

Rise48 Equity plans a light value-add renovation across 100% of the units, including new vinyl plank flooring, resurfaced countertops and updated finish. They also plan to add a bulk cable program, valet trash services, carport parking installation, and operational efficiencies across property management.

Tailwind Investment Group previously invested more than $1.5 million in capital improvements, including interior renovations, exterior paint, pool upgrades, landscaping enhancements, fitness center improvements and clubhouse renovations.

Rise at the Northern is strategically positioned along Interstate 17 within the Deer Valley and Interstate 17 employment corridors, which collectively support approximately 103,900 employees across more than 3,200 businesses. Residents enjoy close proximity to restaurants, fitness, shopping and more. It sits roughly 16 miles from downtown Phoenix.