Lender-Owned Phoenix Apartment Community Sells for $36M
The Neiders Company purchased U@19th, a 236-unit real estate-owned (REO) midtown Phoenix apartment complex, for $36.06 million.
Northmarq’s Phoenix Multifamily Investment Sales team, led by Jesse Hudson, Trevor Koskovich, Ryan Boyle and Logan Baca, represented the seller BrightSpire Capital.
“U@19th presented a rare opportunity to acquire a Phoenix multifamily community at an attractive basis through a lender-driven, REO sale,” said Hudson. “The buyer recognized the long-term value in purchasing well below replacement cost, while positioning the asset to benefit from the continued strength of the Phoenix rental market.”
U@19th was built in 1973 and renovated in 2024.
The multifamily community comprises a unit mix of one-, two- and three-bedroom floorplans, averaging 875 square feet. The property has recently undergone extensive exterior renovations and partially completed interior renovations, including a premium upgrade package.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout