Newmark Knight Frank (“Newmark”) announces it has arranged the sale of Tides on 25th, a 240-unit apartment community in Phoenix, Arizona for $40.6 million.
Newmark’s Senior Managing Director Brett Polachek, Executive Managing Director Brad Goff and Managing Director Chris Canter represented the seller, Tides Equities. ZMR Capital purchased the asset and is a new buyer in the Phoenix market.
“Tides Equities successfully executed their exterior and interior renovation scope, further positioning this asset as an attractive investment that received significant interest,” said Polachek. “The Sunbelt multifamily market, specifically Arizona, remains resilient and will likely continue to see high occupancies and strong rent growth in the next few years.”
Located at 15620 N 25th Avenue, the property was constructed in 1975 and presents a mix of one- and two-bedroom units. About 30 percent of the units were recently renovated and feature an in-unit washer and dryer, new vinyl wood plank flooring, stainless steel appliances, cabinetry, and lighting and plumbing fixtures. Community amenities include a bark park, basketball court, playground, picnic area with barbecues, a state-of-the-art fitness center, and a swimming pool and spa.
Polachek, Canter and Goff have been extremely active as of late, completing more than $770 million in sales the past year with six currently in escrow, further confirming Metro Phoenix’s expected growth and quality underlying real estate fundamentals.
Tides on 25th presents convenient access to the I-17 and Loop 101 Freeways as well as proximity to the North I-17 and Deer Valley business hub, one of the largest employment corridors in the Metro Area.