PHOENIX – July 24, 2018 – Berkadia announced today the $16.5 million sale of Connect on Union, a garden-style multifamily property in Phoenix. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office led the sale on behalf of the buyer, Canada-based Western Wealth Capital. The seller was Bean Investment Real Estate Inc., based in Oregon, and the deal closed on July 9.
“The property being situated in the strong north Phoenix submarket presented the buyer with an opportunity to add value through unit interior renovations,” said Holway. “Demand generators in the immediate area include Mayo Clinic, Deer Valley Airport, Honeywell and American Express.”
Located at 2311 E. Union Hills Drive, Connect on Union features studio, one- and two-bedroom floor plans with extra storage, dishwashers and patios or balconies. Residents also have access to a clubhouse and courtyard, a fitness center, a covered parking lot and a pool.