NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered and financed the sale of Desert Gardens Apartments located at 13517 West Glendale Avenue in Glendale, Arizona. NorthMarq represented both the buyer, Tides Equities, LLC and the seller, Desert Gardens, LLC.
“NorthMarq has executed over 3800 units in the last year with Tides Equities totaling over a half billion in sales volume,” said Hudson. “We are excited to continue our relationship with Tides Equities and help their portfolio grow in the multifamily sector.”
Desert Garden’s compelling location in the burgeoning submarket of Glendale is an ideal location to improve the property by finishing the already in-place renovations and rebranding the property. Rents and occupancy have continued their positive growth with vacancy being down over 10 percent and asking rents up almost $100 year over year.* Population growth has increased 4 percent over the last 10 years and is projected an annual growth over 2 percent each year until 2026.**
Northmarq’s Dallas debt and equity team of Jeff Erxleben, Lauren Bresky, and Kevin Leamy financed the acquisition for the buyer with an 80 percent LTC debt fund execution with 100 percent funding of future capex.