NorthMarq sells Tides at East Arcadia for $38M
NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president and Jesse Hudson, vice president brokered the sale for the $38 million purchase of Tides at East Arcadia on December 16. The 181-unit multifamily property is located at 5401 East Thomas Road in Phoenix, Arizona. NorthMarq represented both the buyer, L5 Odyssey Management, LLC, and the seller, Tides Equities, LLC.
“NorthMarq has closed three transactions with Tides Equities in the fourth quarter totaling $121,600,000 in sales volume,” said Hudson. “Tides at East Arcadia’s compelling location and renovation story made the asset an intriguing acquisition for the buyer.”
NorthMarq Phoenix debt and equity team of Brandon Harrington, managing director, Bryan Mummaw, senior vice president and Tyler Woodard, vice president financed the acquisition for the buyer with a $26,330,000 Freddie Mac loan.
“It was a pleasure working with L5/Odyssey on this acquisition as they continue to increase their portfolio in the Phoenix MSA,” said Harrington. “They were able to take advantage of Freddie Mac’s Index Lock program to secure a great rate on this full-term interest only loan.”