Newmark Facilitates Sale of 194-Unit Garden-Style Apartment Community in Mesa, Arizona

April 23, 2025 12:00 PM

Newmark announces the Company has arranged the sale of Avenue 8, a 194-unit, garden-style multifamily community located at 1050 West 8th Avenue in Mesa, Arizona. The property traded for an undisclosed amount.

Newmark Executive Managing Directors Brett Polachek, Chris Canter and Brad Goff represented the seller, Stoneweg. The buyer was Rise48 Equity.

"Avenue 8 represents an outstanding value-add opportunity in one of the East Valley's more stable and growth-oriented submarkets," said Polachek. "Its large, well-designed units, solid amenity base and location amid key employment drivers such as Banner Health, ASU and aerospace/tech corridors, drew strong interest from investors seeking both current cash flow and long-term upside in a market backed by steady population growth, housing affordability advantages and continued revitalization momentum."

Avenue 8 features spacious, open-concept two-bedroom/two-bathroom units averaging 1,100 square feet. All units include in-unit washers and dryers, private patios or balconies and abundant storage. The community offers a strong amenity package, including a resort-style swimming pool and spa, fitness center, a spacious pet park and covered parking.

Strategically positioned near Downtown Mesa's revitalized Main Street corridor, Avenue 8 provides residents convenient access to local dining, arts and culture venues, Mesa Riverview, Tempe Marketplace and major employment hubs. These include Banner Desert Medical Center and Cardon Children's Medical Center in the Fiesta District, Mesa Community College, Arizona State University's MIX Center, Boeing's operations in the Falcon District and the broader East Valley tech and aerospace corridors. Regional connectivity via US-60, Loop 101, Loop 202 and Valley Metro Light Rail further enhances the location's appeal to professionals and families alike.

According to Newmark's latest U.S. Multifamily Capital Markets report, multifamily demand remains resilient despite moderating leasing activity, with supply pressures and market shifts creating new investment opportunities for buyers targeting high-growth submarkets like the Phoenix metro area.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark 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. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark 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's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.