Newmark Arranges Sale of Value-Added Multi-Family Community in Prime Uptown/Biltmore Area of ​​Phoenix

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August 10, 2022 09:00

Newmark[1] announces the $36.5 million sale of Paradise Palms, a 130-unit value-added multi-family community located in the Biltmore/Uptown submarket of Phoenix, Arizona. Newmark senior managing directors Chris Canter and Brett Polachek and executive managing director Brad Goff represented the seller, Ogden Capital Partners LLC, in the sale to an undisclosed buyer.

Built in 1959, Paradise Palms is a garden-style community designed by famed architect, Ralph Haver. It offers large spacious floor plans and features a mix of studio, one, two and three bedroom units. Community amenities include on-site property maintenance and management, two resort-style swimming pools, pet play area, storage, grills, and picnic area.

“Paradise Palms is a unique and spectacular multi-family asset in a Class A Uptown/Biltmore location,” Canter said. “This is the perfect asset for the buyer to take advantage of Phoenix’s robust rental growth with a more modern interior and exterior renovation. The previous owners purchased this asset in 2014 and have benefited from the development and investment that has took place along the 7e and 16e Street.”

After a record-breaking 2021, investor demand for multi-family housing remained robust during the first quarter of 2022 with sales volume of $63.0 billion in the United States, according to data from Real Capital Analytics analyzed by Newmark Research. In addition to this volume signifying the largest first quarter on record, year-over-year volume accelerated by 65.4%. Last twelve months volume increased to $374.3 billion. Phoenix ranked sixth among major cities in terms of sales volume in the 12 months ending in the first quarter, with sales volume of $17.5 billion.

Located at 1517 E. Colter Street in Phoenix, Paradise Palms is located just off the Piestewa Freeway, a seven-minute drive from the I-10 freeway, and a 10-minute drive from Sky Harbor International Airport. The location is close to over 200,000 high-paying jobs and several award-winning restaurants and entertainment options.

[1] Dba Newmark Knight Frank in Arizona

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark generated nearly $3.2 billion in revenue for the twelve months ending June 30, 2022. Newmark company-owned offices, along with its business partners, operate from approximately 170 offices with more than 6,500 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.

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