PHOENIX – November 26, 2018 – Berkadia today announced the $15 million sale of Excel Courtyard Apartments, a garden-style multifamily property in Mesa, Arizona. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the sale on behalf of the seller, Excel Real Estates LLC. The buyer was Bean Investment Real Estate Inc., based in Portland, Oregon, and the deal closed on November 13.
“Excel Courtyard represents a truly rare opportunity within the Phoenix market to acquire an asset with 100 percent classic interiors from an owner-operator. The community is located just minutes from Mesa Riverview Shopping Center and the Chicago Cubs Spring Training Facility in Northwest Mesa,” said Holway.
Excel Courtyard Apartments was built in 1969 and features 198 units of studio, one-, two- and three-bedroom floor plans. The community features three sparkling swimming pools, large mature grass courtyards and a playground.