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Author: ryan

Jan 28, 2021 Build to rent hybrid models that combine the best of single-family homes with apartment rentals are taking the country by storm.   A Scottsdale multifamily investor is in the midst of a giant pivot as it buys land to build more single-family hybrid rental communities. With two projects already under construction near South Mountain, Avenue North LLC is working on two more projects in Phoenix and...

Dec 2020 NorthMarq’s Las Vegas and Phoenix investment sales team of Thomas Olivetti, Vice President, Trevor Koskovich, President, Bill Hahn, Executive Vice President and Jesse Hudson, Senior Vice President brokered the sale of the Yardz at Mirabelli Apartments on December 18th, 2020. The 168-unit multifamily property is located at 6250 Hargrove Avenue in Las Vegas, Nevada. NorthMarq represented both the buyer, Nitya Capital, LLC and the seller,...

Dec 2020 Avenue North, LLC is proud to announce the$6,650,000/$158,333per Unit/ $251.94 per SF sale of Harmony Chandler Apartments, a 42-unit property in Chandler, AZ.  The property was purchased in 2016 via a 1031 exchange. Built in1973 and renovated in 2017, Harmony Chandler offers a buyer a value-add opportunity through interior renovations. Previous renovations in 2017 focused on the exterior of property. The property consists of 42 garden-style...

Dec 2020 Avenue North, LLC acquired 17.8 acres at the intersection of 36th St & Southern Avenue in Phoenix, AZ.  The acquisition included 3 separate parcels and is located on Esteban Park. With access to downtown Phoenix, Tempe, Scottsdale, and Sky Harbor Airport, the property is ideally located for a new residential community.  Construction on a new residential community is anticipated to begin in 2022....

Nov 2020 PHOENIX, ARIZONA (NOVEMBER, 2020) – The Proximity at Papago Apartments, located near 48th Street and south of McDowell Road, sold on November 20th for $30,100,000. NorthMarq’s Phoenix Investment Sales team led by Trevor Koskovich, Jesse Hudson, and Bill Hahn, brokered the sale and represented both buyer and seller in this transaction. NorthMarq’s Dallas Debt and Equity Team financed the acquisition with an attractive 80% LTV...

July 2020 Just as Andrew Biskind and Ryan Hartman prepare to open a leasing office for an 85-unit single-family rental community in south Phoenix, they're already making plans for a similar community two blocks away. Unlike an apartment community, these single-story rental units offer more room, complete with their own backyard and doggie doors. Not only are they growing in popularity among renters, but investors also are scooping them up. Plans call for...

March 2020 Owner and applicant, Avenue North LLC recently submitted plans to the City of Phoenix for a new multifamily development to be located east of the NEC of 16th Street and Baseline Road. The applicant is requesting to rezone approximately 7.44 acres on the south side of the Western Canal at 1640 E. Baseline Road from One Family Residence District, Baseline Area Overlay District, to Multifamily...

January 2020 After acquiring the Mirabella apartments (rebranded to Yardz on Kolb) in December of 2016 for $15,225,000, Avenue North sold the 410 unit apartment property to a private investment group for $36,700,000 in January 2020. Berkadia's Art and Clint Wadlund were the brokers on the transaction.  The property is located in Tucson, AZ and was built in the 1970's. Avenue North invested significant capital into the property...

December 2019 Avenue North acquired approximately 12 acres to build a 165-unit horizontal apartment development. The project will be one of the planned first single family rental communities in North Las Vegas, with limited like-kind competitive supply in the Las Vegas marketplace. The rental homes are an inspired alternative to traditional apartment communities with no common-walls, no neighbors above or below you, and private back-yards on...

June 2019 The buyer of the 180-unit Class C multifamily asset financed the deal with a nearly $14 million Freddie Mac acquisition loan Avenue North has acquired The Cottages, a 180-unit Class C community in Las Vegas, from 3D Investments for $18.4 million, according to Yardi Matrix. Walker & Dunlop originated $13.8 million in Freddie Mac acquisition financing for the new owner. The loan matures in 2029. The...