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real estate
100-unit multifamily community in Peoria sold for $18.6 million
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Northmarq has completed an $18.6 million sale of Obsidian on 85th in Peoria.
Posted
Minneapolis-based Northmarq has completed an $18.6 million sale of Obsidian on 85th in Peoria, according to a news release.
The 100-unit multifamily community is located at 10860 N. 85th Ave.
Northmarq’s Phoenix multifamily investment sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca have completed the sale.
Northmarq represented the seller, Tower 16 Capital Partners. The buyer was RSN Property Group.
“The purchaser plans on repositioning the asset to maximize cash flow,” Hudson said. “They rebranded The Tallows @ Peoria community and intend on completing interior renovations to increase rent and the asset value.”
Built in 1975, the garden-style multifamily property features 20% one-bedroom apartment homes and 80% two-bedroom units averaging 720 square-feet.
The seller completed over $2 million worth of capital improvements addressing the deferred maintenance items at the community including exterior paint, pool and spa repairs, landscaping, fencing, signage, leasing office updates and roof repairs.
Obsidian on 85th is in downtown Peoria, within a 5-mile radius of over 100,000 jobs.
The area continues to experience unprecedented job growth and major economic development including the Westgate Entertainment District and Stadium Point @ P83, fueling robust demand for multifamily housing in the submarket, the release said.
Northmarq is a full-service capital market resource for commercial real estate investors.
The company has built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion, the release stated.
