PHOENIX and IRVINE, Calif. — June 8, 2022 — Berkadia Institutional Solutions announced today the sale of and financing secured for Indian Springs Mesa, a 460-unit garden-style multifamily property located in Mesa, Arizona. Senior Managing Directors Ric Holway and Mark Forrester, Managing Director Dan Cheyne, Senior Director Spencer Scott and Director Andrew Curtis of Berkadia Phoenix completed the $142 million sale on behalf of the seller, California-based OpenPath Investments, LLC, and the buyer Arizona-based Rise48 Equity, LLC. The deal closed on May 27.
“Indian Springs Apartments was a large-scale value-add opportunity with 99 percent classic apartment home finishes combined with a best-in-class highly upgraded amenity package,” said Holway. “The community’s large suburban floor plans provide the buyer with multiple options for interior renovations, including adding in-home washers and dryers.”
Managing Director Ed Kim and Associate Director Landon Domenico of Berkadia Irvine, secured the $108.5 million in acquisition financing on behalf of the buyer. The three-year bridge loan was financed through Rialto Capital Management, LLC.
“Based on Rise48’s strong track record in the Phoenix market, we were able to secure attractive terms with the lender,” said Kim. “Rialto was able to provide a great execution despite the volatility in the capital markets. This asset will be a great addition to Rise48’s existing portfolio across Phoenix.”
Located at 1031 S Stewart, Indian Springs Mesa is situated on the Mesa/Tempe border within the Fiesta District. The neighborhood provides immediate access to Banner Desert Medical Center, Mesa Community College and numerous restaurants and retailers.