January 14, 2020
The 188-unit Soleil Apartments, located in Chandler, AZ, sold to 3rd Ave. Investments LLC for $40 million. Soleil Chandler Apartments LLC sold the property, following more than 65 unique buyer tours and 30 offers.
“Soleil created a buzz in the Phoenix multifamily marketplace due to its location, unique broken-condo story, vintage, and value-add opportunity” said Trevor Koskovich with NorthMarq. Koskovich partnered with Jesse Hudson and Bill Hahn to broker the transaction between buyer and seller. The new owner plans to upgrade interiors and exteriors of the property at 725 N. Dobson Rd.
NorthMarq also arranged financing for the deal, arranging a $33.2 million NXT loan. The company’s Jame DuMars and Griffin Martin sourced the transaction funds. “Given the asset’s formidable upside and the sponsor’s impressive track record, there was a large contingent of lenders pursuing this opportunity. Consequently, the terms were incredibly competitive,” DuMars said.
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