Northmarq completes $54.85 Million sale and financing of Two Tucson Multifamily Communities

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.”

Built in 1986, San Marin is a 176-unit, garden-style gated community located at 5650 S Park Avenue in Tucson’s South submarket and in proximity to Davis Monthan Air Force Base and the University of Arizona. The community includes six different one-or two-bedroom unit types ranging in size from 496- to 745-square-feet. San Marin community amenities include resort-inspired pool and jacuzzi, community clubhouse, fitness center, business center, laundry facility, picnic area with barbeque, new children’s playground, bark park, new wood front cabinets, vinyl flooring, walk-in closets and ceiling fans.

According to Hudson, Break of Day Capital focused on acquiring San Marin out of the portfolio because of its low basis per unit with a good unit mix. Multifamily sales in Tucson continues to grow in both core and value-add assets. Apartment property sales accelerated in the final months of 2021, nearly doubling total transactions from the previous quarter. The median sales price rose to $113,200 per unit while cap rates averaged 3.4 percent. The sale of Mission Creek and San Marin demonstrates that the strong Tucson multifamily market of 2021, noted in Northmarq’s recently released Tucson Q4 Multifamily report, has momentum into the quarters ahead.

For more information, Koskovich, Hahn, Hudson, and Boyle can be reached at 602.254.5790.

To learn more, see RED Comps #9761 and #9775.

PHOTO: Mission Creek (left) San Marin (right)



Empire Group Now Leasing 322 Homes at Village at Pioneer Park in Peoria

New luxury build-for-rent community open in Peoria

Phoenix, Ariz. –  The Empire Group of Companies, a leader in build-for-rent,  mixed-use and high-rise developments is now leasing single-family homes in its Peoria community, Village at Pioneer Park. Village at Pioneer Park is located at the southwest corner of 83rd and West Olive Avenues and it includes 322 homes, plus community amenities.

Village at Pioneer Park is a gated neighborhood of one-, two-, and three-bedroom single-story homes, ranging from 671- to 1,282-square-feet. The homes include fully equipped kitchen and laundry, a dining area, doggy door leading to a private landscaped backyard, smart home technology and covered parking, garages, and storage spaces. Additional amenities include a resort-style pool and spa, fitness center, resident’s clubhouse, barbecue area and firepit, pocket parks and electric vehicle charging stations. Rent starts at $1545 with a 12-month lease. 

“We worked closely with the city of Peoria to develop a community that complements the landscape of the surrounding area,” explains Richard Felker, founder and managing partner of Empire Group of Companies. “It’s a highly desirable location and a great option for new and existing residents of the area.”

The 30.21-acre community is situated across from Pioneer Community Park and scenic Pioneer Lake. It offers views of the mountains to the north with access to trails for walking, running, cycling and horseback riding. Nearby Lake Pleasant and Lake Pioneer offers recreational water sports and boating. The community also has easy access to nearby shopping, restaurants and business centers in Glendale and Phoenix.

Empire Group works with Stellar Residential for leasing and professional property management of its communities. To learn more about the community, homes available for lease or to schedule a tour, visit villageatpioneerpark.com. 

“It’s no surprise that demand for homes in the area is strong,” adds Dale Phillips, president of Stellar Residential. “The Villages at Pioneer Park gives residents the privacy and security of a home in a beautiful neighborhood with an abundance of amenities without the responsibility of maintenance.”

To learn more about Empire Group of Companies and its projects visit builtbyempire.com



Nationally Acclaimed Builder & Solar Pioneer, John Wesley Miller, Passes Away

TUCSON, ARIZONA — The President of SAHBA, David Godlewski, notifying SAHBA members of the passing of one its members, John Wesley Miller, wrote the following:

“We are deeply saddened to inform you that earlier today, John Wesley Miller – SAHBA Board Chairman in 1985 and founder of John Wesley Miller Companies – passed away with loved ones at his side. It is difficult to put into words the magnitude of effect John had on SAHBA and on the Home Building Industry over the years. He was far ahead of his time in embracing sustainable building practices, building green homes before doing so was embraced as a mainstream practice. His efforts resulted in extensive recognition, awards and accolades over the years including from the Department of Energy.”

“John’s contribution and impact on SAHBA will always be felt, and, in a practical way can easily be seen as well, as John purchased the land and led the construction of SAHBA’s headquarters in the early 1970’s. He was a founding member of our Green Build Council and actively worked in the drafting of NAHB’s green building Code. John was on the SAHBA Board of Directors for many years and was a Senior Life Director of NAHB. He also helped to create the Lute Olsen Golf Outing. In 2017, John received the SAHBA Legacy Award for Lifetime Contribution. We owe him a debt of gratitude.”

“Perhaps more impressive than his professional accomplishments was his willingness and desire to make a positive impact in the lives of everyone he encountered. Rarely do we have an opportunity to meet someone as selfless, engaging and positive as John was. His stories and his smile were always welcome and appreciated at SAHBA. It was a true pleasure whenever you had a chance to spend time with him and learn something new about SAHBA, the home building industry or the Tucson community. For someone who accomplished so much, and was beloved by so many people, he never sought recognition and certainly did not have an ego. It seemed he simply wanted everyone to experience the same love for life that he had.”

“He will be greatly missed but not forgotten. Our heartfelt condolences and prayers go out to his family in this difficult time.”

“As we receive additional information about funeral or memorial services, we will pass them along.”