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Newmark Arranges $55M Sale of Two Multifamily Assets in Phoenix

Vicinity-Apts-Phoenix-AZ

Vicinity Apartments in Phoenix features 125 apartments spread across 10 buildings.

PHOENIX — Newmark has brokered the sale of two multifamily properties, known as Ascent 1829 and Vicinity, in Phoenix for a total of $55 million. The name of the buyer was not released.

Constructed in 1980, Ascent 1829 features 180 units with renovation efforts underway — 47 of the units have been fully updated with stainless steel appliances, vinyl wood plank flooring, painted gray cabinetry with hardware pulls, built-in microwave oven, modern plumbing fixtures and contemporary lighting.

Vicinity Apartments, which was built in 1975, features 125 units spread across 10 buildings on 4.3 acres. Each of the buildings were recently renovated and feature wood frame construction, stucco exterior finishes and mansard tiled roofs.

Brad Goff, Brett Polacheck and Chris Canter of Newmark handled the transactions.

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