PHOENIX – September 27, 2018 – Berkadia announced today the $37.5 million sale of Valencia Crossing, a garden-style multifamily property in Mesa, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office led the sale on behalf of the seller, Western Wealth Capital, based in Vancouver, British Columbia. Senior Managing Director Tucker Knight of Berkadia’s Houston office arranged long term fixed-rate financing for the purchase on behalf of a California based private equity firm. The deal closed on August 23.
“Valencia Crossing presented a unique value-add opportunity to acquire an asset with great economies of scale in the high growth East Valley submarket of Metro Phoenix,” said Cheyne. “The property is also within walking distance of the expanding Metro light rail line at Gilbert Road and Main Street.”
Located at 111 N. Gilbert Road, Valencia Crossing features one- and two-bedroom floor plans averaging 665 square feet. Residents have access to best-in-class amenities including multiple swimming pools, a spa, a clubhouse, a fitness center, a soccer field and indoor basketball. Valencia Crossing affords convenient access to local shopping, dining and entertainment, as well as U.S. Route 60 and the Loop 202 Freeway.