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PHOENIX — NorthMarq has brokered the sale of Meadows Apartments, a multifamily property located at 17602 N. Cave Creek Road in Phoenix. GFT Investments I LLC, an entity formed by trustee Roger Grove, sold the asset to Phoenix-based 3rd Ave Investments LLC, led by Zev Hendeles, for $25.5 million.
Built in 1985, Meadows Apartments features 165 units in a mix of studio, one- and two-bedroom layouts.
Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the seller and buyer in the deal. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team arranged a $18.9 million Freddie Mac acquisition loan for the buyer.