Northmarq Arranges $316M Loan for Phoenix Portfolio Buy
3rd Ave Investments acquired the properties totaling more than 1,300 units.
3rd Ave Investments has acquired a four-property portfolio, totaling 1,368 units, in Mesa, Chandler and Gilbert, Ariz., in the burgeoning area southeast of Phoenix. The seller was Samuel Geltman & Co. NorthMarq arranged $315.6 million in acquisition financing through Bridge Investment Group which offered a 3+1+1 structure and future funding.
The four properties last traded more than 25 years ago, when the now-seller bought them for a total of $46.5 million, according to Yardi Matrix data. This means the communities’ combined price increased sevenfold. They are: the 163-unit Lemon & Pear Tree in Mesa, Ariz., the 201-unit Riviera Park in Chandler, Ariz., the 164-unit Gilbert Greens in Gilbert, Ariz., and the 840-unit Sahara & Playa Palms in Gilbert, Ariz.
Property breakdown
Built in 1981, Lemon & Pear Tree has 1,043-square-foot two-bedroom units. Community amenities include a fitness center, clubhouse, pool and spa. Two laundry facilities and 245 parking spaces are also available. Located at 1750 S. Alma School Road, the property is less than 1 mile south of US-60 and has several dining, retail and entertainment options within a 1-mile radius.
Located at 125 S. Dobson Road, Riviera Park comprises one- and two-bedroom units ranging from 560 to 780 square feet, according to Yardi Matrix data. It includes the same amenities as the aforementioned property, plus a total of 422 parking spaces. It is less than 1 mile north of one of the city’s biggest employers, Chandler Regional Medical Center.
Built in 1984 at 1101 N. Gilbert Road, Gilbert Greens encompasses one- and two-bedroom floorplans, ranging from 605 to 808 square feet, according to Yardi Matrix data. It is 1 mile north of downtown Gilbert and its dining and entertainment options.
Built in 1984, the largest property in the acquisition, Sahara & Playa Palms, comprises one- to three-bedroom floorplans, ranging from 720 to 1,444 square feet, according to the same data provider. Community amenities include four pools, a tennis court, a volleyball court, a basketball court, 10 laundry facilities and a spa. A total of 1696 parking spaces are also available. This community is located at 2300 W San Angelo St., 4 miles northwest of downtown Gilbert.
Brandon Harrington and Tyler Woodard formed the NorthMarq Debt & Equity Team that arranged the financing on behalf of the borrower.
