Northmarq’s Phoenix investment sales team brokers and finances $38.1 million sale of Standard Dobson Ranch in Mesa, Arizona

PHOENIX, ARIZONA (April 26, 2022) -- Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $38.125 million sale of Standard Dobson Ranch, a 120-unit multifamily community located at 1325 West Guadalupe Road, Mesa, Arizona. The sale was the final Arizona property in a portfolio of multifamily properties that the team sold on behalf of SPL Companies of Denver. Northmarq’s Investment Sales team has one additional SPL Company multifamily property, Standard East, in Albuquerque that is anticipated to close at the end of May 

The buyer of Standard Dobson Ranch was Phoenix-based Rise48 Equity, LLC, who purchased the other Metro Phoenix properties in the portfolio, Standard Country Club in Mesa and Standard West and Standard 59 in Glendale in March 2022. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition of Standard Dobson Ranch with a $31,293,000 debt fund execution. 

 “With the purchase of Standard Dobson Ranch, the fourth  property in the SPL portfolio, Rise48 Equity added a total of 582-units in the Phoenix Metro market to their portfolio in the past 60 days,”  explained Jesse Hudson, Senior Vice President, Investment Sales, Northmarq. “Being able to scale up that quickly in a market with as much investor demand as Phoenix was a rare opportunity.”

Built in 1980, Standard Dobson Ranch includes 18 one-bed and 102 two-bed units that range in size from 600 to 900 square feet. Community unit amenities include swimming pool and spa, covered parking, on-site rental office, private balconies/patio and in-unit washer and dryer. The property was 97% leased at the time of sale.

“After a record-setting 2021, the local investment market is off to a strong start to 2022. During the first quarter of this year, 48 transactions closed totaling nearly $3 billion. This sales volume put the Phoenix market ahead of the pace established in the first quarter of 2021. The transaction count from the first three months of 2022 was up 

9 percent from the same period in 2021, while total dollar volume was up 40 percent,” according to Peter O’Neil, Director of Research, Northmarq’s Phoenix office. “Transaction activity is being fueled by strong operating fundamentals. Market rents have spiked 27 percent in the past year and occupancy rates throughout the market are above 95 percent—about 200 basis points higher than the long-term average,” O’Neil added. For a full breakdown on the area’s multifamily market fundamentals review Northmarq’s Phoenix Insights page.