Newmark Multifamily announces the $14.5 million sale of Falling Waters, a 124-unit multifamily community located at 4301 North 24th Street in Central Phoenix. The five-building, garden- and mid-rise style asset sold for $14,500,000, or approximately $116,935 per unit. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Warren Properties, in the sale to an undisclosed buyer. This is the second transaction in which Newmark Multifamily has represented Warren Properties in just 30 days, following the close of Park Thomas East.
“Falling Waters is an extremely unique properties in our market, as nearly all of the units are unrenovated - an extremely desirable value-add opportunity in the highly coveted Biltmore area,” commented Polachek. “The buyer intends to complete dramatic interior and exterior renovations at Falling Waters to drive rental rates. The property has great potential in an “A” location, which is what most investors prize in this market.”
Built in 1970, Falling Waters consists of one five-story building, one two-story building and 30 single-level units. The unit mix includes studio, one-, two- and three-bedroom homes measuring an average of 628 square feet. Community amenities include two pools, a spa, laundry facilities, fitness center, an outdoor fireplace, a large picnic area with barbecue grills, and lush, mature landscaping with unique water features.
Falling Waters offers an exceptional infill location in the vibrant Camelback Corridor proximate to employment centers and very near to the prestigious and historic Arizona Biltmore Resort, Biltmore Fashion Park and multi-million-dollar homes in the vicinity. Central Phoenix continues to be a highly desired area for many investment groups.
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 18,000 professionals operate from approximately 480 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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