PHOENIX – April 28, 2021 – Berkadia today announced the sales of Pennytree and Sunnybrook, two garden-style multifamily properties in Downtown Mesa, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix completed the $31.3 million in combined sales on behalf of the respective sellers.
“Sunnybrook and Pennytree are both dynamic Downtown Mesa apartment communities with strong value-add opportunities,” said Cheyne. “Both sites provide walkable access to Downtown Mesa attractions including the new ASU @ Mesa City Center Campus and the Metro Light Rail along with over 30 lifestyle and entertainment venues.”
Sunnybrook is located at 138 W 1st St. The buyer was Arizona-based ZH Multifamily, and the deal closed on March 12. The 103-unit property features studio, one- and two-bedroom floor plans.
Pennytree is a 146-unit property located at 232 S MacDonald. The buyer was Arizona-based Sterling Real Estate Partners. The deal closed on March 31.