Newmark Multifamily announces the $18.25 million sale of Midtown Flats, a 122-unit community located at 825 West Osborn Road in central Phoenix. The asset sold for approximately $149,590 per unit. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Curtis Capital Group. The buyer of the four-story complex was B&R Capital and this acquisition represented the company’s second multifamily purchase in the Phoenix market in 2019.
“Originally constructed in 1980, this well-maintained property in the center of midtown Phoenix has recently experienced a rebirth of its surroundings, with new developments in the area and recent retail and office renovations. Curtis Capital Group fostered this renaissance by investing over $700,000 in common area improvements at Midtown Flats, further positioning the community for the ongoing market expansion,” said Canter.
Midtown Flats offers a unit mix of studio, one-bedroom, one-bath and two-bedroom, two-bath homes offering larger unit sizes and desirable floor plans. Community amenities include a pool and spa, a renovated club house and fitness center, a coffee bar with complimentary Wi-Fi, barbeque and picnic areas. Apartment amenities include spacious floor plans, walk-in closets, in-unit washers and dryers, wood style flooring, updated cabinetry and lighting, fireplaces and patios or balconies in select units.
B&R Capital plans to continue the improvement plan that Curtis Capital Group was in the process of completing, by spending over $1.2 million in interior renovations to finish the remaining unit renovations.
Midtown Flats offers residents an exceptional location proximate to employment centers and surrounded by retail, dining, cultural activities and outdoor recreation options. “The property offered investors the highly-desirable combination of strong revenue potential with a vibrant central Phoenix location,” concluded Canter.
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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