Northmarq’s Phoenix investment sales team brokers and finances $107 million, three-property multifamily portfolio in Arizona

PHOENIX, ARIZONA (March 16, 2022) -- Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $107.07 million sale of three multifamily properties, with a total of 462-units, that were part of a portfolio of properties for sale in Arizona. The team represented the seller, SPL Companies of Denver.  The buyer, Rise48 Equity, LLC, bought Standard Country Club, located in Mesa, and Standard West and Standard 59, both located in Glendale. A fourth property in the portfolio, Standard Dobson in Mesa, is scheduled to close in April.  Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition with a debt fund execution. 

Jesse Hudson, Senior Vice President, Investment Sales, Northmarq, shared, “The Standard communities were well managed and well maintained throughout the seller’s long-term hold period.  The seller took advantage of today’s record pricing, yet still provided the buyer with an excellent value-add opportunity across the three properties.  Additionally, purchasing three of the four properties in the portfolio offered the buyer a unique opportunity to acquire multiple high-quality assets at scale in Phoenix’s in-demand market.” For a full breakdown on the area’s multifamily market fundamentals review Northmarq’s Research Q4 Phoenix Market Insights. 

“It was a pleasure working with Rise48 on this portfolio acquisition, which allowed them to expand their presence both in the East Valley and the West Valley,” explained Harrington, “The loans our team arranged were structured to allow them to implement the Rise48 scope of improvements on the assets which has been very well received in the market. ”

The three properties Rise48 Equity purchased includes:
- Standard Country Club: 1903 North Country Club Drive, Mesa, 271 studio and one-bedroom units, $60.625 million sale price ($223,708/per unit)
- Standard West: 8080 North 51st Avenue, Glendale, 131 one-and two-bedroom units, $31.7 million sale price ($241,985/per unit)
- Standard 59: 5920 W. Laurie Lane, Glendale, 60 one-and two-bedroom units, $14.75 million sale price ($245,833/per unit)

The seller, SPL Companies is a property ownership and management company that acquires and holds for long-term investment.  SPL’s investments include shopping centers, self-storage facilities, commercial buildings and multifamily projects.