Berkadia Completes $19 Million in Combined Sales for Three Properties in Phoenix Area | Commercial Executive Magazine
PHOENIX – December 14, 2018 – Berkadia today announced that the Phoenix team recently completed the sales of three properties in the Phoenix metro area, combining to total $19 million. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne facilitated the transactions.
Arcadia Park, a 73-unit garden-style multifamily property located at 3426 N. 32nd St. in Phoenix, was sold by LC Thaing to Bear Holdings Group, based in Phoenix, for $8.3 million. Berkadia represented the seller in the transaction. Built in 1973, the property features one- and two-bedroom townhome floor plans. The deal closed November 30.
Hermosa Place Apartments, a 50-unit multifamily garden-style property located at 3132 N. 32nd St. in Phoenix, was also sold by Berkadia on behalf of LC Thaing to Bear Holdings Group. The property sold for $4.3 million and features studio, one- and two-bedroom units. The deal closed November 30.
“Arcadia Park and Hermosa represent true value-add opportunities within the high demand Arcadia neighborhood of East Phoenix,” said Holway. “The buyer plans on substantially improving the assets though interior and exterior renovations to the communities. The communities had been owned and operated by the same private ownership for over 15 years, making them rare untouched assets.”
Finally, Macallister Scottsdale, a 26-unit community built in 2017 at 7979 E. Wilshire Drive in Scottsdale, Arizona, was purchased by a private Los Angeles investor and sold by Del Pueblo Communities, LLC., based in Arizona. Berkadia worked on behalf of the seller. Convenient to both the Scottsdale and downtown Tempe sectors of Metro Phoenix, each unit at Macallister offers Class A finishes, such as nine-foot ceilings and full-size washer and dryers. The deal closed on November 29.
“The investment sales activity that the Phoenix market has sustained over the second half of 2018 can be attributed to strong fundamentals and the overall affordability that Phoenix has to offer both renters and investors when compared to the Western United States,” said Forrester.