NorthMarq sells Arcadia 4127 for $65.5 million
NorthMarq’s Phoenix Investment sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle successfully completed the sale of Arcadia 4127.
Renovated in 2017, the 258-unit community comprises one- and two-bedroom units averaging ±821 square feet. The asset is well positioned in the Arcadia neighborhood, along Indian School Road and 40th street, placing tenants within minutes to some of Phoenix’s largest job corridors including Downtown Phoenix, The Biltmore, Tempe and Scottsdale.
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Arcadia is quickly becoming one of Phoenix’s most prominent neighborhoods. Residential home prices in the zip code have increased by 34.7% over the last year with the median home price averaging $835,000. “The Arcadia/Arcadia Lite is home to the city’s most popular local restaurants, bars, and retailers which is fueling the renter demand in the neighborhood and in result, rents in the submarket have skyrocketed” says Jesse Hudson, Senior Vice President of NorthMarq Investment Sales.
3rd Avenue Investments purchased the off-market property, expanding its hometown presence and adding to their current portfolio. The owner intends to improve operations and complete light upgrades to the property.
NorthMarq’s Phoenix debt and equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodward and Bryan Liu financed the acquisition for the buyer with a national debt fund lender. We ran an extensive marketing campaign for this opportunity and the capital markets responded extremely favorably allowing 3rd Avenue to secure a max leverage loan with a below market coupon all while funding their future capex.
NorthMarq anticipates a strong fourth quarter with over $1 Billion in closings currently in their pipeline between investment sales and debt and equity executions