18 Dec Avenue North Sells Proximity at Papago Apartments in Phoenix, AZ
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 Freddie Mac loan.
“Proximity at Papago was an enticing opportunity for the buyers due to its proven value-add interior renovation program and compelling location with immediate access to downtown Phoenix, Tempe, and Scottsdale.” says Hudson, Vice President at NorthMarq. “The seller invested over $2 million into repositioning the community and eliminating deferred maintenance so that the buyers can focus on driving revenue.”
The buyer was Tides Equites of Southern California, an entity formed by Sean Kia and Ryan Andrade, principals.
“We are thrilled to add another well-located asset to our Phoenix portfolio,” says Andrade. “We look forward to repositioning the property with our Tides brand interior and exterior renovations”
The seller was Avenue North, LLC of Scottsdale, Arizona. Ryan Hartman is the principal and Chief Vision Officer.
“Northmarq did an exceptional job finding a qualified buyer who saw the opportunity to invest further in the community,” says Hartman. “The central location and affordable rents should provide a good foundation for the buyer to continue to push value. In the meantime, we will continue growing our multifamily development platform in the build for rent space, as well as seek existing value-add opportunities in multifamily and mobile homes.”
The 200-unit Proximity at Papago apartment community, built in 1982, comprises 49 percent one bedroom units and 51 percent two-bedroom units. The property, located on the west side of 48th Street and south of McDowell Road.
About Avenue North: Avenue North is a Phoenix based real estate investment firm focused on ground up multifamily development and value-add communities. The company is looking for additional land sites to develop build for rent multifamily, as well as acquire value-add multifamily and mobile home parks. Contact Ryan Hartman at [email protected] if you have additional opportunities.
About Tides Equities: Tides Equities is a leading Commercial Real Estate Investment Company focused on investments throughout the Western United States. We specialize in well-located, Class-B and Core Plus multifamily real estate with high value-add upside. Tides Equities brings institutional grade acquisitions acumen and operational efficiency across all realms of multifamily real estate.