NorthMarq closes the 357-unit Standard on 29th Apartments for $30.05 million
PHOENIX, ARIZONA (October 10, 2019) – Standard on 29th Apartments, a multifamily housing community located near 29th street and Indian School in Phoenix, Arizona, sold this month for $30,050,000.
The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented the seller in this transaction.
The buyer was Urban Communities S29, LP, an entity formed by Urban Communities of Phoenix, Arizona. Their mission is to improve people’s lives through the development and re-development of sustainable communities, creating value for residents, stakeholders and society.
“Standard on 29th is located in the highly desired Biltmore neighborhood near Arcadia lite – home to popular restaurants and retail centers,” said Hudson. “The property is primed for repositioning and rebranding that will naturally drive rents as they are currently well below the submarket average.”
The Standard-Phoenix LLC, an entity formed by SPL Real Estate, of Denver, Colorado was the seller.
Built in 1979, the 357-unit apartment community feature studio and one-bedroom apartments, along with four swimming pools, four laundry facilities, and a sand volleyball court.
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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.
