NorthMarq sells Soleil Apartments in Chandler for $63 million
Del Marco Capital, LLC, an Arizona-based real estate investment firm, has acquired the Soleil Apartments, a 188-unit garden-style community in Chandler, Arizona. The transaction was brokered by NorthMarq’s investment sales team of Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle.
Built in 1995, the community boasts 1-, 2- and 3-bedroom units with an average size of 1,058 square feet. The $335,106 price per unit represents the third largest price per unit in the Chandler submarket this year.
Soleil’s compelling location in the burgeoning submarket of Chandler is an ideal location for buyers. Apartment rents have increased over nine percent in the submarket in just the last quarter, spurring strong interest in the property. “Soleil had over 25 unique property tours and over 350 CA registrations,” said NorthMarq’s President, Trevor Koskovich. “Establishing a competitive bidding process helped source the most qualified buyer.”
The buyer intends to finish the current value-add enhancements that were initiated by the previous owner. These enhancements include completing the interior upgrades, adding additional tenant amenities, and upgrading the leasing office, clubhouse and business center.
NorthMarq’s Phoenix debt and equity team of Brandon Harrington, Bryan Mummaw, and Tyler Woodward financed the acquisition for the buyer with a 79 percent LTV debt fund execution.
This sale follows on another recent transaction completed by NorthMarq, Tides Lakeside in Tempe, Arizona. The $64.5 million, 244-unit property was also financed through NorthMarq’s in-house debt and equity team. “We came into the year optimistic, but we are continuing to set records every quarter and have a strong pipeline in place for Q4,” said Koskovich.