Newmark announces the sale of three separate multifamily assets - Gateway Towers, St. Augustine, and Crystal Creek Townhomes - in Phoenix totaling $9.72 million. Newmark Senior Managing Director Ryan Ash and Director Mike Woodrick represented both the buyers and sellers in the sale of Gateway Towers and St. Augustine, and the seller in the sale of Crystal Creek Townhomes.
Located at 1401 North 3rd Street, Gateway Towers is proximate to both Downtown Phoenix, Roosevelt Row, walking distance to Light Rail, the Phoenix Art Museum and Hance Park. The 29-unit multifamily property includes 12 two-bedroom loft units and a large two-bedroom penthouse with a spacious patio overlooking Downtown Phoenix. Both the seller, William H. Hinton, and buyer, AZ Opp Gateway Towers, LLC, were represented by Newmark in the $3.35 million transaction. The buyer’s renovation plans include upgrades to unit interiors.
St. Augustine, located at 3605 North 36th Street is in the popular Arcadia Lite District. The newly renovated, 22-unit, gated community consists of all two-bedroom units and has undergone over $900,000 in capital improvements, including interior and exterior upgrades. Newmark represented both the seller, ACG-SA, LLLP, and the buyer, Morton Rock Theta, LLC in the $3.935 million sale.
Crystal Creek Townhomes, located at 5010 North 22nd Avenue, features 16 large, three-bedroom townhome style, 1,000+ square foot units. The workforce housing community was built in 2004 and each of the units include large back patios and individual full-sized washer and dryers. Newmark represented the seller, Samuel Olari, in the $2.435 million sale to buyer, Sky AZ, LLC.
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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