PHOENIX – October 9, 2019 – Berkadia today announced the $28.2 million sale of The Rev, a 172-unit garden-style multifamily property in Tempe, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, Colorado-based Baron Properties. The buyer was Washington-based Security Properties Inc., and the deal closed on September 18.
“The Rev sale was a unit blend of a fully renovated 1972 vintage community located in a dynamic North Tempe location. The community had been repositioned with $3.6 million in capital improvements and provided excellent cash flow with further rent upside,” said Holway. “Located at Rural and Southern Avenue in Tempe, The Rev offers a truly walkable living experience with major shopping and dining directly adjacent to the community.”
Located at 3409 S. Rural Road, The Rev features studio, one- and two-bedroom floor plans. Residents can enjoy community amenities, such as a swimming pool with a spa, a fire pit with lounge seating, a clubhouse, a coffee bar, a picnic area with gas grills and a 24-hour fitness center. The property also affords convenient access to Route 60.