Newmark Facilitates $40.1 Million Sale and Financing of Park Tower Apartments in Chandler, Arizona

October 2, 2025 9:00 AM

Newmark announces the company has arranged the sale and acquisition financing for Park Tower Apartments, a well-positioned 180-unit multifamily community in Chandler, Arizona. The property sold for $40.1 million.

Newmark Executive Managing Directors Chris Canter, Brad Goff and Brett Polachek represented the buyer, TruAmerica Multifamily, in the acquisition. Newmark Executive Vice Chairman Mitch Clarfield secured the financing from Fannie Mae on behalf of the buyer. The seller was Univest.

“This transaction reflects the enduring appeal of well-located, value-add multifamily assets in the Phoenix market,” said Canter. “Park Tower aligns with investor demand for properties offering strong cash flow and rent growth potential.”

Constructed in 1986, Park Tower Apartments is comprised of 180 units and offers residents premium, newly renovated one- and two-bedroom floor plans designed for modern living. Each unit features open-concept layouts, spacious private patios and upgraded interiors. Located in the Chandler submarket, Park Tower benefits from its proximity to major employment hubs, dining and recreational amenities.

“The marketing process for Park Tower was highly competitive, and we were able to provide the seller with a high degree of confidence in TruAmerica’s ability to close due to our familiarity with the transaction, our long relationship with TruAmerica and their track record with Fannie Mae,” said Clarfield.

The national multifamily market recorded $45.2 billion in transaction volume, a 12% increase from Q1 2025, driven by improved debt market conditions and renewed investor interest in core-plus and value-add properties, according to Newmark’s Q2 2025 U.S. Multifamily Capital Markets Report. In the Southwest, transaction activity surged, with cap rates for stabilized assets averaging 5.8%, down 30 basis points year-over-year. Leverage levels improved to an average of 65% LTV, supported by competitive lending from Fannie Mae, Freddie Mac and life insurance companies. Class B properties with recent renovations, like Park Tower, are commanding premium pricing due to strong renter demand for upgraded units in high-growth secondary markets.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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