Newmark Multifamily announces the $24.5 million sale of Greenway Springs Apartments, a 240-unit, value-add property located at 15620 North 25th Avenue in Phoenix. Executive Managing Director Brad Goff, Senior Managing Director Brett Polachek and Director Chris Canter represented the seller, Rae & Associates, a privately held company in Mesa, Arizona. The buyer was Los Angeles-based investor, Tides Equities.
“Greenway Springs is a solid value-add opportunity located in a submarket that is experiencing rent growth and declining vacancy,” commented Polachek. “Tides Equites has the opportunity to take advantage of positive market fundamentals by increasing rental income through exterior and interior renovations.”
Constructed in 1975, Greenway Springs features one- and two-bedroom units averaging 726 square feet. Community amenities include a pool and spa, basketball court, children’s playground, barbeque and picnic areas, community clubhouse, fitness center and laundry facilities. Further, Greenway Springs offers immediate access to I-17 and is proximate to Arizona State University West, Midwestern University and the I-17 employment corridor, one of the largest employment corridors in the Phoenix metropolitan area, with approximately 90,000 jobs within a five-mile radius. Nearby employers include American Express, USAA, HonorHealth, Honeywell, Wells Fargo, Discover Financial Services, UnitedHealth Group, Safeway Corporate Accounting, Cigna and the Phoenix Deer Valley Airport.
“Well-located, value-add assets like Greenway Springs continue to appeal to both existing owners and new investors in the Phoenix multifamily market,” 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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