PHOENIX – October 7, 2019 – Berkadia today announced the $21 million sale of Tides on Broadway, a 155-unit 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 secured the sale on behalf of the seller, Los Angeles-based Tides Equities LLC. The buyer was Denver-based Birch LLC, and the deal closed on October 1.
“Tides on Broadway is a recently completed, fully repositioned, 1980’s vintage community located on the boarder of Tempe and Mesa in the dynamic East Valley of Metro Phoenix. The buyer was completing a 1031 exchange and looking for a turnkey asset in a strong infill location,” said Holway. “All units at Tides on Broadway were recently fully renovated with luxury finishes including quartz countertops, new cabinets and tile backsplashes.”
Managing Director Lucas Donahue of Berkadia’s Phoenix office also secured $12.5 million in permanent acquisition financing through Freddie Mac on behalf of the buyer.
Located at 2107 West Broadway Road, Tides on Broadway features studio, one- and two-bedroom floor plans with air-conditioning, energy-efficient appliances, walk-in closets and private balconies or patios. Community amenities include a clubhouse, a swimming pool, a business center, a fitness center, laundry facilities and high-speed internet access. Residents are afforded convenient access to Kleinman Park, Arizona International Marketplace, Mekong Supermarket and the shops and restaurants along West Main Street.