NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $37,860,000 sale of Terrace Park Apartments located at 8130 W. Indian School Rd. in Phoenix, Arizona. The transaction represented the second highest sales price in the Maryvale/Estrella submarket (apartments with 50+ units) during the previous year. The area saw seven multifamily sales containing 1,518 units since September 2020.
The 213-unit value-add Terrace Park Apartments (price/unit – $177,746; price/sq.ft. – $218.07) is located at 8130 West Indian School Road, Phoenix, Arizona. Built in 1984, the complex features 90 percent two-bedroom units. The seller was Western Wealth Capital and the buyer was Tides Equities. This marks the eleven multi-family acquisition for the Tides team this year.
“Arranging the sale and securing the financing on this transaction solidifies the fact that that the Phoenix multifamily market is still flourishing even on the heels of the pandemic,” said NorthMarq’s President, Trevor Koskovich. “This sale is one of the highest price-per-unit transactions in the west Phoenix submarket.”
The buyer plans to continue the interior and exterior value-add renovations started by the seller and rebranding the community. Terrace Park’s strategic location in the west valley places the apartment complex within the epicenter of population and employment growth.
NorthMarq’s Dallas debt and equity team of Jeff Erxleben, Lauren Bresky, and Kevin Leamy financed the acquisition for the buyer with an 80 percent LTC debt fund execution with 100 percent funding of future capex.