AZRE Magazine
Marcus & Millichap announced the sale of Tuscany Pointe Apartments, a 236-unit multifamily community in Phoenix. The $10.1M sales price equates to $42,797 per unit.
Cliff David, a Marcus & Millichap vice president investments, and Steve Gebing, a senior director with Institutional Property Advisors, a Marcus & Millichap company, both located in the firm’s Phoenix office, represented the seller, Howe Group LLC. David and Gebing also advised the buyer, The Lodge Complex Tulsa LLC.
Meanwhile, Luke Donahue, senior director of NorthMarq Capital’s Phoenix office funded the $13,744,000 acquisition loan of Waterstone Apartments, a 269 unit multifamily property located in Mesa, AZ. The transaction was funded by NorthMarq’s through their FHLMC seller/servicer platform.