Multifamily ‘Casitas’ in Avondale, Ariz., Changes Hands
Newmark has announced a two-prong deal totaling $89 million in and around the Phoenix area: the $53 million sale and $36.02 million in financing of 1408 Casitas at Palm Valley, which is a 168-unit, value-add multifamily community at 1408 North Central Ave. in Avondale, Ariz.
The deals involve Chicago-area investors, as well as a Los Angeles-based developer, so here’s the scorecard of the players involved, according to a news release:
The property traded from 29th Street Capital, a privately held multifamily investment firm based in Chicago, to SAM Residential Group, a Los Angeles-based real estate developer. Newmark Senior Managing Directors Brett Polachek and Chris Canter and Executive Managing Director Brad Goff represented the seller in the transaction. Vice Chairmen Kevin Mignogna and Charlie Haggard and Vice President Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure the acquisition financing.
According to Newmark Research, 268,331 multifamily units were absorbed nationally during the third quarter of 2021, marking the highest quarterly absorption figure in history.