CBRE arranged the sale of the 224-unit multifamily community San Marquis on behalf of a venture between Sequoia Equities and Mark-Taylor Residential to Acacia Capital Corporation for $58.5 million.
San Marquis is a Class A multifamily community featuring a palm tree lined resort-style swimming pool with ramadas and an outdoor entertainment kitchen, state-of-the-art fitness center with stone and travertine finishes, and a luxury resident clubhouse. Large one, two, and three-bedroom units at San Marquis have nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers and dryers.
“Mark-Taylor’s signature design elements consistently create best-in-class communities,” said Gunter. “San Marquis is a highly desirable asset in one of the best performing multifamily submarkets in Metro Phoenix.”
According to CBRE Research, the Phoenix MSA had the second-best year-over-year multifamily rent growth rate of all major U.S. metros at 8.4 percent and the South Tempe submarket posted 12.0 percent year-over-year rent growth in Q2 2019.
“The principals of Mark-Taylor Development and Sequoia Equities have enjoyed a relationship since 1985,” said Pat Reilly, Principal and General Partner at Sequoia Equities. “In 2012, we needed to secure a 1031 trade for a California asset and Mark-Taylor was our first call. We consider their management and joint venture partnership on San Marquis as vitally important to the success of this investment. As Sequoia looks toward the future, the sale of San Marquis represents an ongoing commitment we have to expanding in our core markets.”
Established in 1985, the Mark-Taylor Companies is a privately-held, Arizona based developer, owner, and investment manager of multifamily communities. The company ranks as the largest apartment developer in Arizona, the second largest owner of rental communities in the state, and is the investment manager to over $3.5 billion in multifamily real estate on behalf of numerous third-party owners.
With nearly 30 years’ experience in major markets throughout the United States, Acacia Capital Corporation’s investment funds have acquired real estate debt and equity interests with an aggregate cost in excess of $5 billion. Throughout its history, Acacia has invested in nearly 30,000 apartment units and 42,000 single-family home lots.