PHOENIX – February 5, 2021 – Berkadia today announced the sale of The Madison, a 2000 vintage, 96-unit garden-style multifamily property in Mesa, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia’s Phoenix office completed the $23 million sale on behalf of the seller, Southern California-based Westgrove Partners. The deal closed on January 29.
“The Madison Apartments was a unique opportunity to acquire a boutique asset located just North of Downtown Mesa, which is experiencing major economic transformation,” said Cheyne. “The community offered significant value-add opportunities and featured low density two-story garden-style construction with units that average 1,147 square feet.”
The seller, Westgrove Partners, is a private real estate investment company focused on multifamily acquisitions throughout the Southwest U.S. Led by its principals Christian Meier and Taylor Fijan, this was the fourth asset Westgrove sold in the Phoenix market since January 2020.
“The Madison proved to be a great opportunity in the burgeoning sub-market of Downtown Mesa,” said Meier. “We believe this location will continue to gain traction and The Madison is well positioned for continued growth given it’s unique make up with three- and four-bedroom units and small campus feel. We remain bullish on the sub-market and the overall Phoenix market growth trajectory, as we are actively seeking new acquisition opportunities.”
Located at 520 N Mesa Drive, The Madison features two-, three- and four-bedroom floor plans with oversized private patios/balconies and washers and dryers. Community amenities include a fully renovated clubhouse/leasing center, a swimming pool, a laundry facility, an outdoor area with grilling stations and covered parking.