Phoenix, AZ (October 8, 2025) — Newmark announces the sale and acquisition financing for Park Tower Apartments, a well-positioned 180-unit multifamily community in Chandler, Arizona. The property sold for $40.1 million.
Newmark Executive Managing Directors Chris Canter, Brad Goff, and Brett Polachek represented the buyer, TruAmerica Multifamily, in the acquisition. Newmark Executive Vice Chairman Mitch Clarfield secured the financing from Fannie Mae on behalf of the buyer. The seller was Univest.
"This transaction reflects the enduring appeal of well-located, value-add multifamily assets in the Phoenix market," said Canter. "Park Tower aligns with investor demand for properties offering strong cash flow and rent growth potential.”
Constructed in 1986, Park Tower Apartments comprises 180 units and offers residents premium, newly renovated one- and two-bedroom floor plans designed for modern living. Each unit features open-concept layouts, spacious private patios, and upgraded interiors. Located in the Chandler submarket, Park Tower benefits from its proximity to major employment hubs, dining, and recreational amenities.
“The marketing process for Park Tower was highly competitive, and we were able to provide the seller with a high degree of confidence in TruAmerica’s ability to close due to our familiarity with the transaction, our long relationship with TruAmerica and their track record with Fannie Mae,” said Clarfield.
The national multifamily market recorded $45.2 billion in transaction volume, a 12% increase from Q1 2025, driven by improved debt market conditions and renewed investor interest in core-plus and value-add properties, according to Newmark’s Q2 2025 U.S. Multifamily Capital Markets Report. In the Southwest, transaction activity surged, with cap rates for stabilized assets averaging 5.8%, a 30-basis-point decrease year-over-year. Leverage levels improved to an average of 65% LTV, supported by competitive lending from Fannie Mae, Freddie Mac, and life insurance companies. Class B properties with recent renovations, such as Park Tower, are commanding premium pricing due to strong demand from renters for upgraded units in high-growth secondary markets.