NKF brokers $18.25 million sale in the midst of Midtown Phoenix renaissance
Newmark Knight Frank Multifamily announces the $18.25 million sale of Midtown Flats, a 122-unit community located at 825 West Osborn Road in central Phoenix. The asset sold for approximately $149,590 per unit. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Curtis Capital Group. The buyer of the four-story complex was B&R Capital and this acquisition represented the company’s second multifamily purchase in the Phoenix market in 2019.
“Originally constructed in 1980, this well-maintained property in the center of midtown Phoenix has recently experienced a rebirth of its surroundings, with new developments in the area and recent retail and office renovations. Curtis Capital Group fostered this renaissance by investing over $700,000 in common area improvements at Midtown Flats, further positioning the community for the ongoing market expansion,” said Canter.
Midtown Flats offers a unit mix of studio, one-bedroom, one-bath and two-bedroom, two-bath homes offering larger unit sizes and desirable floor plans. Community amenities include a pool and spa, a renovated club house and fitness center, a coffee bar with complimentary Wi-Fi, barbeque and picnic areas. Apartment amenities include spacious floor plans, walk-in closets, in-unit washers and dryers, wood style flooring, updated cabinetry and lighting, fireplaces and patios or balconies in select units.
B&R Capital plans to continue the improvement plan that Curtis Capital Group was in the process of completing, by spending over $1.2 million in interior renovations to finish the remaining unit renovations.
Midtown Flats offers residents an exceptional location proximate to employment centers and surrounded by retail, dining, cultural activities and outdoor recreation options. “The property offered investors the highly-desirable combination of strong revenue potential with a vibrant central Phoenix location,” concluded Canter.
NKF brokers $14.5 million value-add sale in Phoenix
Newmark Knight Frank Multifamily announces the $14.5 million sale of Falling Waters, a 124-unit multifamily community located at 4301 North 24th Street in Central Phoenix. The five-building, garden- and mid-rise style asset sold for $14,500,000, or approximately $116,935 per unit. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Warren Properties, in the sale to an undisclosed buyer. This is the second transaction in which Newmark Knight Frank Multifamily has represented Warren Properties in just 30 days, following the close of Park Thomas East.
“Falling Waters is an extremely unique properties in our market, as nearly all of the units are unrenovated — an extremely desirable value-add opportunity in the highly coveted Biltmore area,” commented Polachek. “The buyer intends to complete dramatic interior and exterior renovations at Falling Waters to drive rental rates. The property has great potential in an “A” location, which is what most investors prize in this market.”
Built in 1970, Falling Waters consists of one five-story building, one two-story building and 30 single-level units. The unit mix includes studio, one-, two- and three-bedroom homes measuring an average of 628 square feet. Community amenities include two pools, a spa, laundry facilities, fitness center, an outdoor fireplace, a large picnic area with barbecue grills, and lush, mature landscaping with unique water features.
Falling Waters offers an exceptional infill location in the vibrant Camelback Corridor proximate to employment centers and very near to the prestigious and historic Arizona Biltmore Resort, Biltmore Fashion Park and multi-million-dollar homes in the vicinity. Central Phoenix continues to be a highly desired area for many investment groups.