Multifamily
Investment Sales - Multifamily

NorthMarq’s Phoenix office negotiates sale for the $23 million purchase of The Madison Apartments in Mesa, Arizona

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.

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.

ff0e7508-39f1-4a5b-9d26-7a55f0cd85da.jpg
The Madison Apts
Sale
$23,000,000