multifamily newsroom

Northmarq’s Phoenix Office Sells and Finances $92 Million Purchase of 288-Unit The Nolan Multifamily Community in Mesa, Arizona PHOENIX, AZ – Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the buyer, Rise48 Equity, LLC, in the $92 million purchase of The Nolan, a 288-unit multifamily community at 945 W. Broadway Road in Mesa, Arizona. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition with a $72,600,242 debt fund execution. Built in 1986, The Nolan includes one- and two-bedroom units that range in size from 460 to 875 square feet. Rise48 Equity is going to renovate the interiors of all the units at the property to their typical Platinum scope, which includes stainless appliances, quartz countertops, undermount sinks, subway tile backsplash, LED lighting, etc. The community includes laundry facilities, three pools, a spa, clubhouse with package receiving, dog park, playground and limited gate access. The complex is centrally located in Mesa, less than one mile from Main Street and the Light Rail station…

Vertical Street Ventures and Partners Acquire New Tucson Property TUCSON, Ariz., June 9, 2022 — Vertical Street Ventures (VSV) announced the acquisition of their fifth property in Tucson, Arizona. The acquisition marks the company’s 21st transaction in the Western United States, bringing the total VSV portfolio to $270 Million in assets under management. The 114-unit apartment complex, which will be rebranded to Vertical North, features community amenities including two swimming pools, a clubhouse, and playground. VSV will invest over $1.8 Million into the property to add washers and dryers to renovated units, upgrade to new modern interiors including new kitchens and bathrooms, add new paint, landscaping and parking lot improvements and construction of a new outdoor gym. “We are thrilled to acquire this wonderful property spanning a city block in North Tucson,” said Kyle Mitchell, a Managing Partner for VSV. “We appreciate how well the property has been kept up and improved recently. As owners of several other properties in the area, this property has all the aspects you want to see with wonderful resident amenities and a great community feel. There’s still a lot of room for growth and we…

Hamilton Zanze Buys Multifamily Community in Houston Metro HOUSTON, June 7, 2022 — San Francisco-based real estate firm Hamilton Zanze (HZ) has acquired the 200-unit Park at Waterford Harbor Apartments in Kemah, Texas. This represents HZ’s 26th acquisition in Texas. The community, built in 1996, is 29 miles southeast of Downtown Houston, which has become a headquarters hub for several Fortune 500 companies including Phillips 66, Sysco, and Hewlett Packard Enterprise. “We are very excited to add Park at Waterford Harbor to our portfolio and add another asset in the Clear Lake Submarket.” said David Nelson, Hamilton Zanze’s chief investment officer. “Its appealing location on the Kemah Harbor, proximity to NASA’s Johnson Space Center, other strong job drivers in the Houston metro, and the wide range of amenities and floorplans the property offers drew us to the opportunity. Along with our nearby property Signature Point, we look forward to continuing to grow our presence in the Houston MSA.” The Park at Waterford Harbor Apartments was 96.5% occupied at purchase. The community is located at 1420 Marina Bay Drive in the desirable Clear Lake submarket, approximately 35 minutes from Downtown Houston. The 200 units…

Capital Square Acquires Multifamily Community in Knoxville, Tennessee, for DST Offering The acquisition is on behalf of a Delaware statutory trust investment offering that seeks to raise $52.8 million in equity from accredited investors KNOXVILLE, Tenn., June 6, 2022 — Capital Square, one of the nation’s leading sponsors of tax-advantaged real estate investments and an active developer of multifamily communities, announced today the acquisition of Village at Westland Cove, a Class A, 240-unit multifamily community in Knoxville, Tennessee. The community was acquired on behalf of CS1031 Village of Westland Cove Apartments, DST. “This is Capital Square’s sixth acquisition of a multifamily community in Tennessee for the DST/1031 exchange program,” said Louis Rogers founder and chief executive officer of Capital Square. “Village at Westland Cove is located in one of the hottest housing markets in the nation for 2021.1 Employment in the area is exceptionally strong, with the Oak Ridge Reservation and National Laboratory, operated by the U.S. Department of Energy, only 19 miles away, generating 14,667 full-time jobs and wages totaling over $1.3 billion.” Completed in 2019, Village at Westland Cove is located at 9635 Westland Cove Way along Interstate 140. The 28.2-acre…