January 12, 2021
Newmark finalized the recapitalization of two Avanti Residential multifamily properties located in Metro Phoenix. Milestone Real Estate Investors V, LP, an affiliate of The Milestone Group, will partner with Denver-based Avanti on The Pavilions at Arrowhead in Glendale and Springs at Alta Mesa (pictured) in Mesa.
The transactions represent the first segment of a recapitalization strategy comprising 18 properties and 3,700-units in Phoenix, Colorado Springs and Denver. The remaining recapitalizations will take place with numerous new equity partners throughout 2021.
The Pavilions at Arrowhead, located at 7400 W. Arrowhead Clubhouse Dr. in Glendale, consists of 248 units, and the Springs at Alta Mesa, located at 1865 N. Higley Road in Mesa, comprises 200 units.
Newmark’s Brad Goff, Brett Polachek, Chris Canter, Blake Okland, Alex Foshay, Terrance Hunt, Shane Ozment and Kevin McKenna represented Denver-based Avanti in the property recapitalizations.
Goff says, “The two Phoenix-area assets are well-positioned in high-growth locations with the ability to continue executing value-add programs.”
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