Terrace Park is the Second-Highest Sale of the Past Year
The recent $37.86 million sale of Terrace Park Apartments located at 8130 W. Indian School Rd. in Phoenix represented the second highest sales price in the Maryvale/Estrella submarket (apartments with 50-plus units) during the previous year. The area had seven multifamily sales containing 1,518 units since September 2020.
Built in 1984, the 213-unit complex features 90 percent two-bedroom units. The seller was Western Wealth Capital and the buyer was Tides Equities. This marks the eleven multifamily acquisition for the Tides team this year.
NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle brokered the transaction.
“Arranging the sale and securing the financing on this transaction solidifies the fact that that the Phoenix multifamily market is still flourishing even on the heels of the pandemic,” said Koskovich. “This sale is one of the highest price-per-unit transactions in the west Phoenix submarket.”
The buyer plans to continue the interior and exterior value-add renovations started by the seller along with a rebranding effort. Terrace Park’s strategic location in the West Valley places the apartment complex within the epicenter of population and employment growth.
NorthMarq’s Dallas debt and equity team of Jeff Erxleben, Lauren Bresky and Kevin Leamy financed the acquisition for the buyer with an 80 percent loan-to-cost debt fund execution with 100 percent funding of future CapEx.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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