PHOENIX and IRVINE, Calif. — April 27, 2022 — Berkadia announced today the sale of and financing secured for 19 Rail, a 137-unit garden-style multifamily property located in Phoenix, Arizona. Senior Managing Director Ric Holway, Managing Director Dan Cheyne and Senior Managing Director Mark Forrester of Berkadia Phoenix completed the $28.6 million sale on behalf of the seller, G2 Realty Capital, LLC. The buyer was Arizona-based Rise48 Equity, LLC, and the deal closed on March 13.
“19 Rail presented a great opportunity to capitalize on a community that has gone through a year-long transformation,” said Holway. “The community was heavily repositioned over the past 12 months with over $2 million invested, allowing the new owner to focus on upgrading the remaining classic apartment homes.”
Managing Director Ed Kim and Associate Director Landon Domenico of Berkadia Irvine secured the $20.25 million in financing on behalf of the buyer. The three-year loan was financed through Argentic.
“The property aligns well with the buyer’s investment strategy and is positioned to produce a strong rental growth and upward trajectory once their business plan is executed,” said Kim. “Argentic was able to meet the buyer’s required timeline and provide the requested leverage by offering a favorable structure accretive to the buyer’s investment thesis.”
Located at 9202 N 19th Ave., 19 Rail is situated in a high-growth North Phoenix submarket with immediate access to the Metro Light Rail, North Phoenix Mountain Preserve and the I-17 Employment Corridor which is home to over 800,000 surrounding jobs.