Northmarq’s Phoenix office arranges sale, financing for Chandler, AZ multifamily community

CHANDLER, Ariz. (Jan. 8, 2025) — Northmarq’s Phoenix Multifamily Investment Sales team led by Chris Michl and Winslow Lee successfully brokered the $2.2 million sale of an 8-unit, two-story townhome property. Bravo at Alma School is located in the fast-growing city of Chandler at 950 W. Erie Street.

Northmarq represented the sellers and original developer/owners.

“This listing generated multiple offers within days of going live on the market,” said Michl. “Northmarq went into contract in under one week with a motivated and experienced buyer in a 1031 exchange.”

Northmarq’s Bryan Liu and Christopher Gitibin secured acquisition financing on behalf of the buyer through a correspondent relationship with a private lender. The transaction was structured on a 30-year term with 10 years interest-only.

“The buyer is familiar with the east valley and Chandler multifamily markets, and both parties wanted to close before the end of 2024, which we were able to accomplish through successful collaboration of the Investment Sales and Debt teams,” Michl added.

Bravo at Alma School is ideally situated in a market with limited new construction supply and extensive barrier to entry. With a surge in job opportunities, significant economic developments and rising costs of home ownership in Chandler, the 8-unit multifamily community is a well-positioned asset.

“Northmarq is pleased to have represented a new borrower relationship on this transaction,” said Liu. “We structured a long-term solution that met the buyer's financing needs at 75% LTV with a maximum interest-only period and maximum flexibility to provide the buyer optionality as market dynamics shift over the next few years. Integrating with the Northmarq Investment Sales team process allowed for a seamless transaction.

The family-owned and operated community is well-maintained and has not traded hands prior to this sale. The property offers spacious two-bedroom, one-and-a-half bathroom floorplans averaging 1,040 sq. ft with original interiors and rents considerably below market.

“The buyer will have the ability to decrease expenses and increase NOI day one due to operational inefficiencies and value add opportunities,” Michl said.