Newmark sells 2 Phoenix multifamily assets for $55M
Newmark announced the sale of two multifamily Properties, known as Ascent and Vicinity, in Phoenix, Arizona, for a total of $55 million.
Newmark’s Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter handled the sale of the assets.
“Ascent is a very well-located property in a desirable neighborhood across the street from Sumida Park,” commented Polachek. “The strong demographics in the area have helped garner higher rents with the interior and exterior renovations that have taken place. The seller has set the stage for the buyer to take advantage with continued renovations.”
Constructed in 1980, Ascent 1829 features 180 units with renovation efforts underway, 47 of the units have been fully updated with stainless steel appliances, vinyl wood plank flooring, painted gray cabinetry with hardware pulls, built-in microwave oven, modern plumbing fixtures and contemporary lighting. The property is in the Great North Central Phoenix region with immediate freeway access surrounded by prominent employment centers, retail, dining and outdoor recreation.
“The infill location of Vicinity in North-Central Phoenix near a plethora of retail, restaurants, recreation and employment as well as the very thoughtful, well executed renovations to the interiors and exterior enticed this buyer to make this purchase,” shared Polachek.
Built in 1975, the Vicinity Apartments features 125 units in ten (10) 2- and 2.5-story buildings. All 10 buildings have been recently renovated and feature wood frame construction, stucco exterior finishes and flat and mansard tiled roofs. Situated on approximately 4.32 acres of land, the property is located in north-central Phoenix, just north of East Bethany Home Road between 16th Street and State Route 51. Residents have direct access to all areas of Phoenix by way of these major thoroughfares as well as Interstate-10, Interstate-17 and State Route 202. Neighborhood conveniences and services in proximity to the property include: Sprouts Farmers Market, Safeway, Chase Bank, Walgreens Pharmacy, Wells Fargo Bank and Cost Plus World Market.
Goff added, “Both properties have weathered through COVID-19 impact and continue to operate similarly to the vast majority of properties we have listed.”