PHOENIX, AZ - Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the buyer, Rise48 Equity, LLC, in the $92 million purchase of The Nolan, a 288-unit multifamily community at 945 W. Broadway Road in Mesa, Arizona. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition with a $72,600,242 debt fund execution.
Built in 1986, The Nolan includes one- and two-bedroom units that range in size from 460 to 875 square feet. Rise48 Equity is going to renovate the interiors of all the units at the property to their typical Platinum scope, which includes stainless appliances, quartz countertops, undermount sinks, subway tile backsplash, LED lighting, etc. The community includes laundry facilities, three pools, a spa, clubhouse with package receiving, dog park, playground and limited gate access. The complex is centrally located in Mesa, less than one mile from Main Street and the Light Rail station at Alma School Road.
“Rise48 has purchased over 1,000 multifamily units in Arizona since the start of 2022, and over $1 billion in transactions since 2019” explained Brandon Harrington. “They continue to seek out well-positioned communities with value-add opportunities through improvements to the individual units and the complex amenities.”
For a full breakdown on the area’s multifamily market fundamentals review Northmarq’s Research Q12022 Phoenix Market Insights.
About Northmarq: Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion. For more information visit www.northmarq.com/cities/phoenix
About Rise48 Equity: Rise48 Equity is an Arizona based multifamily commercial real estate investment firm that primarily focuses on value-add assets throughout the metro Phoenix area. Their portfolio includes over $1.17B in total transactions and over 4,694 total multi-family units.