After a record setting 2021 for investment sales and financing of multifamily and build-to-rent properties, Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle started 2022 strong with the $51 million sale of Cove on 44th (4030 N. 44th Avenue, Phoenix.)  The team represented the seller, Los Angeles-based Pro Residential.

Cove on 44th is a 256-unit, 134,400-square-foot multifamily community comprised of 10 studio and 246 one-bedroom apartments that range in size from 452 to 598-square feet. Built in 1983, the two-story community includes two swimming pools, spa, clubhouse, and multiple laundry facilities. Los Angeles-based Tide Equities purchased the property and rebranded to Tides on 44th.

“Cove on 44th was an excellent value-add opportunity to purchase an asset in a submarket with low vacancy and increasing rental rates,” explained Hudson. “Our seller was able to achieve attractive cap rates on the property, capitalizing on the tight inventory of for sale projects and the depth of investor interest in our market.”

NorthMarq’s Dallas Debt & Equity team of Jeff Erxleben, Lauren Bresky, Kevin Leamy and Loren Heikenfeld secured financing for Tide Equities purchase of Cove on 44th with a $46.2 million loan. 

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