Newmark Multifamily announces the $12.4 million sale of Radius Apartments, a 130-unit multifamily community located at 2925 North Greenfield Road in Phoenix. Newmark’s Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented Arizona-based Summerhill Holding Company, LLC in the sale of the garden-style asset to Colorado-based Ripe Assets.
With a tremendous central Phoenix location and proximity to multiple large employment corridors in the metro area, Radius Apartments offers convenient freeway access and public transportation availability as well as nearby upscale shopping, retail centers and dining options including the Camelback Corridor, Biltmore Fashion Park and retail at Town & Country Shopping Center and Camelback Colonnade.
The property offers a balanced mix of one- and two-bedroom units, as well as community amenities including two pools with sun decks, two laundry facilities, picnic and barbeque areas and a new fitness center. “Radius Apartments offers a strong value-add opportunity for Ripe Assets’ first acquisition in the Phoenix market due to its size, condition and desirable in-fill location,” commented Polachek.
Recent renovations and improvements at the property include roof and boiler replacement, interior and exterior LED lighting retrofit, exterior paint and stucco, a renovated rental office, new signage and updates to the community areas including low maintenance Xeriscape landscaping. Additionally, sixteen of the unit interiors were renovated by the seller with vinyl wood plank flooring, black appliances, updated cabinetry, quartz countertops, contemporary lighting and new plumbing fixtures. “The renovated units are commanding a $100 rental premium,” remarked Polachek. “Ripe Assets has the opportunity to continue the renovation program and adjust rental rates to a competitive level.”
“Demand for multifamily assets in Phoenix from new buyers and existing owners continues to be robust, especially for well-located value-add assets,” concluded Polachek.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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