Newmark announces it has arranged the sale of Midtown Flats, a luxurious, 122-unit multifamily property located at 825 W. Osborn Road in Phoenix. The property sold for $26 million.
Newmark’s Managing Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Midtown Flats Acquisition Company, LLC, in the transaction. The buyer was West Freeman Properties.
“Midtown Flats is a luxurious asset situated in the ideal central Phoenix location with a strong mix, featuring studios, one-, two- and three-bedroom units,” said Canter. “The new owners plan to renovate the unit interiors and capitalize on the robust Midtown Phoenix market.”
Midtown Flats is located in the North Central Avenue Business District, home to over 53,000 employees and just minutes from Downtown Phoenix, the Camelback Corridor, the Osborn/Central Avenue METRO Light Rail and Sky Harbor International Airport. Over 40 percent of the units have been recently renovated and average 880 square feet in size.
The Phoenix multifamily market fared better than most other commercial property types throughout the pandemic, with investment rebounding in the second half of 2020. Phoenix’s strong market fundamentals and demand drivers – affordable living, strong employment base and household and population growth – remain strong, and as a result, investors are bullish, according to Newmark Research.