Northmarq’s Phoenix Multifamily Investment Sales team led by Ryan Boyle, Trevor Koskovich, Jesse Hudson and Logan Baca successfully completed the $8.25 million sale of The Retro on 32nd Street, a 62-unit garden-style apartment community located at 3025 N. 32nd Street in Phoenix, Arizona.
Northmarq represented the seller, Belbrook 32 LLC, based in Goodyear, Arizona. The buyer was Cane Capital based in La Jolla, California.
“The Retro on 32nd Street presented the opportunity to acquire day one attractive yield in a compelling location,” Boyle said. “Previous ownership had addressed deferred maintenance and completed a high-end renovation to most units.”
Built in 1968 and renovated in 2022, The Retro on 32nd Street is a 62-unit multifamily apartment community located in the desirable Arcadia Lite submarket. It features studio, one- and two-bedroom units.
Apartments include stainless steel appliances, high-speed internet, vinyl plank flooring, oversized closets, open kitchens and ceiling fans. Community amenities feature a swimming pool, leasing office and on-site management, pet-friendly environment, laundry facility, outdoor grilling space, lush landscaping, on-site patrol and gated access.
It boasts a location in the Arcadia Lite submarket of Phoenix that is one of the top live, work and play areas in the region. The property is centrally located, a few miles from Interstate 10 and State Route 51. It is just two miles south of Camelback Road, featuring one of the largest concentrations of white-collar workers in Phoenix. It is in close proximity to restaurants, retail, schools, grocery stores and more.
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built a loan servicing portfolio of more than $76 billion and a two-year transaction volume of $52 billion.
