Northmarq completes $42 million sale of Standard Raintree in Tucson, Arizona

Acquisition financing of $31.3 million was secured by the company’s debt/equity team

TUCSON, ARIZONA (February 23, 2022) – Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, vice president and Ryan Boyle, associate vice president of Northmarq’s Phoenix-based investment sales team brokered the $42 million sale of Standard Raintree. The property was acquired by an entity of Next Round Asset Management of Phoenix. The 364-unit multifamily property (built in 1983) is located at 6450 Golf Links Rd in Tucson, Arizona. 

Griffin Martin, managing director, and James DuMars, managing director of Northmarq’s Phoenix debt/equity office, secured acquisition financing of $31.3 million for the multifamily community. Northmarq arranged a bridge loan through its relationship with a bridge/mezzanine lender.

"We were pleased to help Next Round Asset Management expand their footprint in the Tucson market with the acquisition of Standard Raintree Apartments,” said senior vice president/managing director Griffin Martin.  “We ran a competitive bid process with multiple loan options, and the client ultimately chose a lender that offered excellent terms."

Surrounding the property are several restaurants and grocery stores. Canyon Rose Academy – Charter School is also nearby. Residents have access to luxury amenities, such as gated access, state-of-the-art fitness center, and volleyball court. The Davis Monthan-Tucson Air Force Base is 2.7 miles away. Park and recreational attractions are available such as Lincoln Regional Park (3.5 miles), Chuck Ford Lakeside Park (2.8 miles), and Fantasy Island Mountain Bike Park (6 miles).

Community amenities include: Dog park, exercise trail, laundry facility, racquetball court and picnic area with barbecue. Apartment amenities include: All-electric kitchen, air conditioning, balcony/patio, some paid utilities, copy and fax services, and disability access.