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3/01/22
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In a major multifamily acquisition, Tide Equities LLC and CIM Group purchased Del Mar Terrace, a 1,012-unit community in Phoenix, for $255 mil ($252k/unit). The property, located at 7007 W. Indian School Rd, was sold by Del Mar Terrace Apartments LLC, an entity of Heers Development.
Built in 1986, Del Mar Terrace offers four one- or two-bedroom floorplans that range in size from 626 sf to 885 sf. The amenities in the pet-friendly multifamily community include pool, fitness center and daycare center. The property offers easy access to Interstate 10 and Loop 101 and is surrounded by West Valley amenities including State Farm Stadium, Glendale’s Sports & Entertainment District including Westgate, Ak-Chin Pavilion and Desert Sky Mall.
Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle with Northmarq represented the buyer in the transaction. Loren Heikenfeld, Kevin Leamy, Jeff Erxleben, Lauren Bresky and Joel Heikenfeld, also with Northmarq, arranged bridge loan financing and buyer’s equity for the acquisition.
“The Del Mar Terrace sale represents the second highest overall sales price in the Phoenix market over the last 12 months, and coincidentally involved the second-largest apartment complex in metropolitan Phoenix,” explained Koskovich. “The record-setting Phoenix multifamily investment market of 2021 hasn’t shown any signs of a slowdown during the first two months of 2022.” Strong renter demand and continued increases in rental rates over the next 12 months in the Phoenix multifamily market will continue to attract investors looking for upside potential in a compressed cap rate environment, according to Northmarq’s Q4 Phoenix Market Insights.
Heers Development provided professional management services for Del Mar Terrace along with five other Phoenix apartment communities through their property management division, Heers Management Company.
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