Northmarq‘s Phoenix Multifamily Investment Sales team completed the $36.06 million sale of U@19th, a rare, 236-unit, real estate owned (REO) multifamily community in the heart of the Midtown Phoenix submarket.
The Northmarq team — led by Jesse Hudson, Trevor Koskovich, Ryan Boyle and Logan Baca — represented the seller, BrightSpire Capital. The buyer was The Neiders Company.
“U@19th presented a rare opportunity to acquire a Phoenix multifamily community at an attractive basis through a lender-driven, REO sale,” said Hudson. “The buyer recognized the long-term value in purchasing well below replacement cost, while positioning the asset to benefit from the continued strength of the Phoenix rental market.”
The property is ideally located in Midtown, a lively, centrally located, live-work-play district known for its proximity to high-end retail, restaurants, bars, and nightlife including The Melrose District, Park Central, Downtown Phoenix and the Biltmore Fashion Park.
The multifamily community comprises a favorable unit mix of one-, two- and three-bedroom floorplans, averaging 875 square feet. The property has recently undergone extensive exterior renovations and partially completed interior renovations, including a premium upgrade package featuring stainless steel appliances, upgraded wood-inspired flooring, resurfaced quartz countertops, new white cabinet fronts with chrome pull handles, subway tile backsplash, and upgraded hardware, lighting and paint.
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 $78 billion and a three-year transaction volume of $69.5 billion.
