Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle sold Agave Court, a 64-unit garden-style multifamily community located at 125 N. 18th Street in Phoenix. KL Property Investments (California) purchased the 59,736-square-foot community for $15.65 million.
Located in Central Phoenix, at 18th Street and Van Buren, the property is just minutes from Downtown Phoenix and less than a mile from Interstate 10, offering residents quick and easy access to all parts of the Valley, Phoenix Sky Harbor and the Central Phoenix employment and entertainment corridor. Agave Court is on the eastern edge of Phoenix’s Edison-Eastlake neighborhood which is undergoing a major redevelopment as part of the city’s nearly $200 million revitalization of the community. Plans include the demolition of obsolete public housing and the development of ±1,000 units of mixed-income, affordable and market-rate housing in the neighborhood. Plans also include the historic renovation of a vacant commercial building transforming it into a new community and resident services center.
Built in 2001, Agave Court has six one and two-story buildings comprising one-, two- and three-bedroom units that range in size from 580 to 1,206 square feet. The gated community includes a clubhouse, playground, business center, parcel lockers, and on-site laundry facilities. The previous owners invested ±$600K in repositioning the community through general property improvements.
“There is significant opportunity to increase revenue at Agave Court through modernization and installing upgrades throughout the community as well as in the individual units” explained Hahn. “We were able to show the buyers the opportunity Agave Court presented for significant revenue growth with a renovation program and bringing community rents up to current submarket rates.”
NorthMarq’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard and Bryan Liu secured financing for KL Property Investments acquisition with a $12.37 million debt fund loan.