NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, senior vice president, and Ryan Boyle, senior associate brokered the sale of the HUE97 Apartments on January 7. The 184-unit multifamily property is located at 9736 East Balsam Avenue in Mesa, Arizona. NorthMarq represented both the buyer, Colrich Group, Inc. and the seller, Dominium Group, Inc.
“HUE97 was a highly sought-after asset with more than 17 unique property tours and 15 offers,” said Hudson. “Ultimately the buyer was chosen due to their competitive terms, non-refundable earnest money, and credible resume.”
NorthMarq’s San Diego debt and equity team of Steve Hollister, senior vice president and Aaron Beck, vice president, financed the acquisition with a $32,060,000 Freddie Mac loan structured with a 15-year term and 7-years of interest only at 3 percent.
HUE97 is a recently repositioned asset with over $5 million invested into capital improvements and interior and exterior renovations in the last two years.