GLENDALE, ARIZ.– NorthMarq closed the 304-unit Canyons on Colter Apartments, located at 5631 West Colter Avenue in Phoenix, Arizona, this month for $34,300,000.
The NorthMarq Phoenix team of Trevor Koskovich, Bill Hahn, and Jesse Hudson represented both the seller and the buyer in this transaction.
The buyer acquired the asset with a $27,440,000 Freddie Mac loan, arranged by James DuMars and Griffin Martin, of Northmarq Capital Markets team.“The client had numerous finance alternatives at the time of acquisition but selected NorthMarq/Freddie Mac due to their certainty of execution, excellent loan terms and integrated direct lending platform” says Martin.
5631 W. Colter St. LLC, an entity formed by Next Round Asset Management, of Freemont, CA was the buyer.
“Canyons on Colter was a strategic investment as the property had minimal deferred maintenance due to the previous owner’s capital investments, yet is still primed for value-enhancing improvements that will propel rents in the trending Glendale submarket” says Hudson. “With the on-going expansion of Grand Canyon University and job growth along the 1-10 and 1-17 corridors, the Glendale multifamily submarket remains strong.”
Arroyo Vista Partners LLC, an entity formed by Bear Holding LLC, of Phoenix, AZ was the seller.
The 304-unit Canyons on Colter apartment community, built in 1984, comprises 24 percent one-bedroom units, 68 percent two-bedroom units, and 8 percent three-bedroom units. The property, located on the south side of Colter Avenue east of 57th Avenue, is situated in the Glendale, Arizona.The immediate neighborhood surrounding The Canyons on Colter comprises a mixture of single-family homes, multifamily projects, and commercial.