PHOENIX, ARIZONA (February 4, 2021) – NorthMarq’s Phoenix investment sales team of Trevor Koskovich, President, Bill Hahn, Executive Vice President, Jesse Hudson, Senior Vice President, and Ryan Boyle, Senior Associate brokered the sale of The Madison on January 28, 2021. The 96-unit multifamily property is located at 520 North Mesa Drive in Mesa, Arizona. NorthMarq represented the buyer, Geringer Capital of Los Angeles, California. The seller was California-based Westgrove Partners.
“Coastal buyers continue to seek investment opportunities in the greater Phoenix MSA,” said Hudson. “Better returns and higher cap rates coupled with the increasing job growth and net migration has driven buyers to place their money in this market.”
The Madison, built in 2000, comprises 58 percent two-bedroom units, 31 percent three-bedroom units, and 10 percent four-bedroom units. The property is strategically located in the heart of Mesa within 3 miles of over 80,000 jobs.