NorthMarq Investment Team Closes $42 Million Sale of Tucson Multifamily Community

PHOENIX, ARIZONA — Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle sold Standard Raintree, a 364-unit multifamily community located at 6450 E. Golf Links Road in Tucson, Arizona.  Next Round Asset Management I, LLC, an entity of Next Round Asset Management, a local private investor, purchased the community for $42 million ($115,385 per unit.) NorthMarq’s Debt & Equity team of Griffin Martin, Brandon Harrington, Bryan Mummaw, and Tyler Woodard financed the acquisition with a $31.3 million LTV bridge loan. NorthMarq’s Investment sales team represented the seller, SPL Companies of Denver, during the transaction.

Standard Raintree is a garden-style community in a park-like setting with pool, gazebo, volleyball and racquetball courts and a dog park. The gated-access complex, built in 1983, includes studio and one-bedroom units that range in size from 327 to 418 square feet. Standard Raintree is conveniently located just northeast of Davis Monthan Airbase, and surrounded by a variety of shopping, dining and entertainment venues.

“Standard Raintree was a great opportunity for Next Round to continue their expansion into Tucson, a market they’ve focused on because of its strong fundamentals,” explained Jesse Hudson, Senior Vice President, Investment Sales, NorthMarq. “We expect investment demand to remain elevated in the Tucson area as the momentum established in the fourth quarter of 2021 will carry over into 2022.” At year-end 2021, Tucson had 4.4% vacancy and posted rental increases of 4.5% in the final three months of the year.

Next Round Asset Management has been actively investing in the Arizona multifamily properties. Their current portfolio includes three communities with a combined 360 units in Tucson and three communities with a combined 435 units in Phoenix. For more information visit www.nextroundam.com

To learn more, see RED Comp #9641.