Northmarq completes $54.85 million sale and financing of two multifamily communities in Tucson, Arizona

Two Multifamily Communities

PHOENIX, ARIZONA (April 19, 2022) — Northmarq’s Phoenix-based investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle, brokered the $28,500,000 sale of Mission Creek apartments and the $26,350,000 sale of San Marin apartments, located in Tucson, Arizona. Northmarq marketed the properties, which were part of a four-property portfolio on behalf of the seller, Los Angeles-based AndMark. Chandler-based Next Round Asset Management was the buyer of Mission Creek. Break of Day Capital, based in Manhattan Beach, California, was the buyer of San Marin.

Northmarq’s Phoenix-based debt/equity team of Bryan Mummaw, Griffin Martin, Brandon Harrington, Tyler Woodard, and Bryan Liu arranged acquisition financing for both transactions. Both loans were floating rate bridge loans, which allowed the borrower to best execute their business plans. The Mission Creek loan was $21.45 million, while the San Marin loan was $21.31 million, both of which included future funding of their respective capital improvement budgets. 

Built in 1987, Mission Creek is a garden-style community comprising 13 buildings and 200 units. The property is located at 1451 West Ajo Way, in proximity to Davis Monthan Air Force Base, which employs more than 10,000 workers, and the University of Arizona, which employs ±12,000 workers and has an annual enrollment of ±46,000 students. The community includes five different one- or two-bedroom unit types ranging in size from 450 to 868 square feet, and all strategically positioned for interior renovations. Mission Creek community amenities include resort-inspired pool, clubhouse, covered parking, lush landscaping, laundry facility, fitness center, picnic area with barbeque, public parks nearby, on-site maintenance, ceiling fans, vertical blinds, dishwashers, kitchen pantry, plush carpeting, vaulted ceilings, spacious walk-in closets, private patios and balconies. 

“This was our fifth transaction with Next Round Asset Management, a buyer that is very familiar with the Tucson market,” said Hudson. “Mission Creek presented a value-add opportunity that Next Round will capitalize on to increase its value through upgrades and higher rents.”

Built in 1986, San Marin is a 176-unit, garden-style gated community located in Tucson’s South submarket and in proximity to Davis Monthan Air Force Base and the University of Arizona. The community includes six different one- or two-bedroom unit types ranging in size from 496 to 745 square feet. San Marin community amenities include resort-inspired pool and jacuzzi, community clubhouse, fitness center, business center, laundry facility, picnic area with barbeque, new children’s playground, bark park, new wood front cabinets, vinyl flooring, walk-in closets and ceiling fans.

According to Hudson, Break of Day Capital focused on acquiring San Marin out of the portfolio because of its low basis per unit with a good unit mix.

Multifamily sales in Tucson continues to grow in both core and value-add assets. Apartment property sales accelerated in the final months of 2021, nearly doubling total transactions from the previous quarter. The median sales price rose to $113,200 per unit while cap rates averaged 3.4 percent. The sale of Mission Creek and San Marin demonstrates that the strong Tucson multifamily market of 2021, noted in Northmarq’s recently released Tucson Q4 Multifamily report, has momentum into the quarters ahead. 


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, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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