PHOENIX — Northmarq has brokered the sale of The Flats of Central Phoenix, a 265-unit, garden-style group situated at 2020 W. Glendale Ave. in Phoenix. Scottsdale-based Renue Houses offered the valuables to Newport Seashore, Calif.-based InTrust Assets Companions for $63.1 million.
Trevor Koskovich, Invoice Hahn, Jesse Hudson and Ryan Boyle of Northmarq’s Phoenix Funding Gross sales crew represented the vendor within the deal. Joe Giordani of Northmarq’s Newport Seashore debt/fairness crew organized financing for the purchase with a $50.8 million bridge mortgage.
Inbuilt 1973, The Flats of Central Phoenix contains 27 two-story constructions with one-, two- and three-bedroom gadgets ranging in dimension from 650 sq. ft to at least one,150 sq. ft. Positioned on 13 acres, the 242,825-square-foot group includes a clubhouse, pool, sizzling bathtub, on-site laundry amenities, basketball courtroom and kids’s playground. On the time of sale, the valuables used to be 98 p.c leased.
Renue Houses just lately invested $1.7 million into deferred upkeep and assets improvements on the assets, together with HVAC gadgets, new roofs, home windows, electric panels and external paint.