Phoenix, Arizona — Newmark1 announces it has completed the $53 million sale and $36.02 million financing of 1408 Casitas at Palm Valley, a 168-unit, value-add multifamily community located at 1408 North Central Avenue in Avondale, Arizona.

The property traded from 29th Street Capital, a privately held multifamily investment firm based in Chicago, to SAM Residential Group, a Los Angeles-based real estate developer. Newmark Senior Managing Directors Brett Polachek and Chris Canter and Executive Managing Director Brad Goff represented the seller in the transaction. Vice Chairmen Kevin Mignogna and Charlie Haggard and Vice President Peter Griesinger of Newmark’s Debt and Structured Finance team helped secure the acquisition financing.

“1408 Casitas at Palm Valley is a unique, value-add multifamily asset strategically positioned within the valley’s rapidly expanding Southwest Industrial and Healthcare Corridors,” said Goff.

Polachek added, “In addition to the prime location, the community is perfectly positioned for a continued value-add program surrounded by an abundance of employment opportunities.”

Built in 1984, 1408 Casitas at Palm Valley offers spacious casita-style and townhome-style units in a low-density, one- and two-story community. The property features a mix of one, two- and three-bedroom units with an average unit size of 929 square feet. Unit interiors feature open-concept floor plans, large private patios and yards, faux hardwood flooring, full-size washers and dryers, outdoor storage, and skylights in every unit. Property amenities include a new fitness center, cornhole/bocce ball, fire pit, swimming pool, bark park with agility course and dog washing stations, community playground, barbeque grilling stations and outdoor resident lounge with cabanas and sunning deck.

1408 Casitas at Palm Valley is situated within the exploding Southwest Valley of Metro Phoenix and is surrounded in all directions by some of the city’s greatest amenities. Located at the closest major intersection of Litchfield Road and Van Buren Street and less than one mile from the I-10, the property is advantageously positioned less than five miles from the 101, and 303 freeways. The proximity to multiple freeways provides residents exceptional access to the entire metro and its diverse employment hubs. In addition, the new 22-mile extension of the Loop 202 has drastically reduced commute times for West Valley residents who work in the East Valley. The high commutability of this property offers residents a cost-effective housing option while providing efficient travel times for workers and students alike.

According to Newmark Research, 268,331 multifamily units were absorbed nationally during the third quarter of 2021, marking the highest quarterly absorption figure in history. As more workers return to the office and the cost to own single-family homes continues to rise to historic levels, rental housing is anticipated to see strong demand. The increased demand is projected to support strong levels of rent growth through the end 2022. For the 12 months ending in third quarter 2021, Phoenix experienced the highest rent growth of all major U.S. markets, with annual average effective rent growth of 12.3%.

Polachek, Canter and Goff have been extremely active as of late, completing more than $1.2 billion in sales over the past year with eight properties currently in escrow, further confirming Metro Phoenix’s continued growth and quality underlying real estate fundamentals.

PHOENIX, ARIZONA – AZCREW, the commercial real estate organization that exists to transform the industry by advancing women globally, is accepting registration for its 2^nd Annual 5K charity event.

Runners and walkers are invited to come together at Chaparral Park (5401 N. Hayden Road, Scottsdale) on Sunday, March 27, to raise funds for and promote awareness of CREW Network Foundation. There is also a virtual component.

“We’re very excited to host our second annual 5K benefitting CREW Network Foundation. The work of the foundation is essential for our industry and is an integral part of achieving our organization’s mission. With a diverse, talented pipeline of future leaders, we will ensure success of women in commercial real estate (CRE),” said 2022 AZCREW President Heather Fox Skinner.

Established in 1998, CREW Network Foundation is the only organization dedicating its resources solely towards transforming the commercial real estate industry by advancing women globally. Committed to bringing more women into commercial real estate, the foundation offers career outreach programs, scholarships, and industry research. Career outreach programs have introduced thousands of young women and girls (from high school to graduate school) to the many career opportunities in commercial real estate.

Thirty scholarships are offered annually to those same women and girls throughout the U.S. and Canada. Applications are open now for 2022 scholarships and close April 15. To date, the foundation has awarded more than $1 million scholarships.

As the world’s leading researcher on gender and diversity in commercial real estate, the foundation produces research papers annually and a benchmark study every five years, delivering data and action items to advance women in commercial real estate and positively impact the industry.

“It’s inspiring to be part of an organization where you are surrounded by women all working toward one goal, to see other women succeed,” said AZCREW member Jessica Levin.

All proceeds from the event go directly to CREW Network Foundation. Registration is $25 for members; $35 for non-members; and $15 for students. For all in-person events, AZCREW requires a COVID waiver.

T-shirts will be distributed the morning of the walk for those attending in person. The in-person event begins at 8:30 a.m. The virtual 5K is March 20-27.

Register here.

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of NFP Insurance Solutions, a 15,600-square-foot net-leased property located in Tucson, Arizona.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $3,200,000 ($205 PSF).

Mark Ruble and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.

Built in 1970, NFP Insurance Solutions is situated within a retail center with a diverse tenant profile and surrounded by national retailers HomeGoods, In-N-Out Burger, Wendy’s, Michael’s, Floor & Décor, Bealls Outlet and more. The asset is easily accessible to 244,381 residents within a five-mile radius in the growing Tucson trade area and visible to over 77,300 vehicles per day at the high traffic intersection of Broadway Boulevard and Kolb Road.

With an almost 20-year operating history at this location, NFP Insurance Solutions at 6992 East Broadway Boulevard in Tucson, Arizona is the company’s top performing branch.