Northmarq brokers $36M sale of 236-unit, REO multifamily community in Phoenix

PHOENIX — Northmarq’s Phoenix Multifamily Investment Sales team completed the $36.06 million sale of U@19th, a rare, 236-unit, real estate owned (REO) multifamily community in the heart of the Midtown Phoenix submarket.

The Northmarq team — led by Jesse Hudson, Trevor Koskovich, Ryan Boyle and Logan Baca — represented the seller, BrightSpire Capital. The buyer was The Neiders Company.

“U@19th presented a rare opportunity to acquire a Phoenix multifamily community at an attractive basis through a lender-driven, REO sale,” said Hudson. “The buyer recognized the long-term value in purchasing well below replacement cost, while positioning the asset to benefit from the continued strength of the Phoenix rental market.”

U@19th was built in 1973 and renovated in 2024. The property is ideally located in Midtown, a lively, centrally located, live-work-play district known for its proximity to high-end retail, restaurants, bars, and nightlife including The Melrose District, Park Central, Downtown Phoenix and the Biltmore Fashion Park.

The multifamily community comprises a favorable unit mix of one-, two- and three-bedroom floorplans, averaging 875 square feet. The property has recently undergone extensive exterior renovations and partially completed interior renovations, including a premium upgrade package featuring stainless steel appliances, upgraded wood-inspired flooring, resurfaced quartz countertops, new white cabinet fronts with chrome pull handles, subway tile backsplash, and upgraded hardware, lighting and paint.