TUCSON, ARIZONA —Northmarq’s Phoenix-based investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle, brokered the $28.5 million ($142,500 per unit) sale of Mission Creek Apartments and the $26.35 million ($149,716 per unit) sale of San Marin apartments, both located in Tucson.
Northmarq marketed the properties,which were part of a four-property portfolio on behalf of the seller, Los Angeles-based AndMark. Chandler-based Next Round Asset Management was the buyer of Mission Creek. Break of Day Capital, based in Manhattan Beach, California, was the buyer of San Marin.
Northmarq’s Phoenix-based debt/equity team of Bryan Mummaw, Griffin Martin, Brandon Harrington, Tyler Woodard, and Bryan Liu arranged acquisition financing for both transactions. Both loans were floating rate bridge loans, which allowed the borrower to best execute their business plans. The Mission Creek loan was $21.45 million, while the San Marin loan was $21.31 million, both of which included future funding of their respective capital improvement budgets.
Built in 1987, Mission Creek is a garden-style community comprising 13 buildings and 200-units. The property is located at 1451 West Ajo Way, in proximity to Davis Monthan Air Force Base, which employs more than 10,000 workers, and the University of Arizona, which employs ±12,000 workers and has an annual enrollment of ±46,000 students. The community includes five different one-or two-bedroom unit types ranging in size from 450- to 868-square-feet, and all strategically positioned for interior renovations.
Mission Creek community amenities include resort-inspired pool, clubhouse, covered parking, lush landscaping, laundry facility, fitness center, picnic area with barbeque, public parks nearby, on-site maintenance, ceiling fans, vertical blinds, dishwashers, kitchen pantry, plush carpeting, vaulted ceilings, spacious walk-in closets, private patios and balconies.
“This was our fifth transaction with Next Round Asset Management, a buyer that is very familiar with the Tucson market,” said Hudson.“Mission Creek presented a value-add opportunity that Next Round will capitalize on to increase its value through upgrades and higher rents.”