Newmark arranges $85 million sale and financing of value-added multi-family community in Surprise, Arizona
Newmark 1 announces that it has arranged the sale and financing of Villas at Mountain Vista Ranch, a 256-unit value-added multifamily community in the Phoenix suburb of Surprise, Arizona. Newmark Executive Managing Director Brad Goff and Senior Managing Directors Brett Polachek and Chris Canter represented the seller, Avanti
Residential, in the $85 million sale to an undisclosed buyer.
Villas at Mountain Vista Ranch is a 256-unit garden-style multi-family community built in 2003. The property is made up of a mix of one-, two-, and three-bedroom units with an average size of 1,008 square feet. The large apartments are equipped with washing machines and dryers. Community facilities include a swimming pool with seating and a fitness center.
“This property is located in the high-growth neighborhood of Surprise, close to many jobs and amenities,” Canter said. “The new owner will benefit from the strong rental growth the Phoenix area has seen over the past few years.”
Located at 16630 N Reems Road in Surprise, Arizona, the Villas at Mountain Vista Ranch are located on a great growth lane near the new Loop 303 freeway. The property is a 15-minute drive from Surprise Air Force Base. Luke, 25 minutes from the Arrowhead neighborhood and 45 minutes from Sky Harbor International Airport and close to several shops, restaurants and entertainment venues.
After a record-breaking 2021, investor demand for multi-family housing remained robust during the first quarter of 2022 with sales volume of $63 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.
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