NorthMarq’s Phoenix investment sales team of Trevor Koskovich, president, Bill Hahn, executive vice president, Jesse Hudson, senior vice president, and Ryan Boyle, senior associate brokered the $14.625 million sale of Carob Tree on February 4, 2021. The 137-unit multifamily property is located at 9202 North 19th Avenue in Phoenix, Arizona. NorthMarq represented the buyer, G2 Realty Capital, LLC and the seller, Carob Tree LLC .
“Carob Tree represented a true win-win for both buyer and seller. The seller held the property for 15 years and benefited from a tremendous increase in value at time of sale,” said Boyle. “The buyers were able to acquire a sizeable asset at an attractive basis. They have significant renovations planned that will breathe new life into the asset.”
Carob Tree, built in 1979, comprises 28 percent studio, 25 percent 2-bedroom/2-bathroom units and 47 percent 1-bedroom/1-bathroom units. In-home/community features functional floor plans, patio or balcony, pool, walk-in closets, pet-friendly policy, parking and high-speed internet access.
The property is located in close proximity to numerous Phoenix attractions, including: Sky Harbor International Airport, Deer Valley Airport, Metrocenter Mall, Glendale Sports and Entertainment District, Tanger Outlets, Desert Ridge Marketplace, Paradise Valley Mall, Midwestern University and the new $1.4 billion Phoenix Metro Light Rail connecting Tempe to Mesa, Downtown & Greater Phoenix.