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Newmark Knight Frank Negotiates Sale of Three Separate Phoenix Multifamily Assets Totaling Nearly $10 Million

Phoenix, AZ (07/22/2019)

1:53 PM

Newmark Knight Frank (NKF) announces the sale of three separate multifamily assets - Gateway Towers, St. Augustine, and Crystal Creek Townhomes - in Phoenix totaling $9.72 million. NKF Senior Managing Director Ryan Ash and Director Mike Woodrick represented both the buyers and sellers in the sale of Gateway Towers and St. Augustine, and the seller in the sale of Crystal Creek Townhomes.

Located at 1401 North 3rd Street, Gateway Towers is proximate to both Downtown Phoenix, Roosevelt Row, walking distance to Light Rail, the Phoenix Art Museum and Hance Park. The 29-unit multifamily property includes 12 two-bedroom loft units and a large two-bedroom penthouse with a spacious patio overlooking Downtown Phoenix. Both the seller, William H. Hinton, and buyer, AZ Opp Gateway Towers, LLC, were represented by NKF in the $3.35 million transaction. The buyer's renovation plans include upgrades to unit interiors.

St. Augustine, located at 3605 North 36th Street is in the popular Arcadia Lite District. The newly renovated, 22-unit, gated community consists of all two-bedroom units and has undergone over $900,000 in capital improvements, including interior and exterior upgrades. NKF represented both the seller, ACG-SA, LLLP, and the buyer, Morton Rock Theta, LLC in the $3.935 million sale.

Crystal Creek Townhomes, located at 5010 North 22nd Avenue, features 16 large, three-bedroom townhome style, 1,000+ square foot units. The workforce housing community was built in 2004 and each of the units include large back patios and individual full-sized washer and dryers. NKF represented the seller, Samuel Olari, in the $2.435 million sale to buyer, Sky AZ, LLC.

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307