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8/20/19
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Acacia Capital Corporation recently purchased San Marquis, a 224-unit multifamily community in the metro Phoenix area, for $58.5 mil, or $261k/unit. The property, located at 577 E Baseline Rd, was sold by a venture between Sequoia Equities and Mark-Taylor Residential.
San Marquis features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen, state-of-the-art fitness center with stone and travertine finishes, and a luxury resident clubhouse. Large one, two, and three-bedroom units at San Marquis have nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers and dryers.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the sellersin the transaction.
According to CBRE Research, the Phoenix MSA had the second-best year-over-year multifamily rent growth rate of all major U.S. metros at 8.45 and the South Tempe submarket posted 12.0% year-over-year rent growth in Q2 2019.
Established in 1985, the Mark-Taylor Companies is a privately-held, Arizona based developer, owner, and investment manager of multifamily communities. The company ranks as the largest apartment developer in Arizona, the second largest owner of rental communities in the state, and is the investment manager to over $3.5 bil in multifamily real estate on behalf of numerous third-party owners.
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