PHOENIX – May 15, 2019 – Berkadia today announced the $39.75 million sale of Modern on the Rail, a 488-unit garden-style multifamily property in Phoenix, 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, California-based Modern Residential Company. The buyer was California-based Tides Equities, founded by Ryan Andrade and Sean Kia in 2016. Over the past three years, Tides Equities has been one of the most active buyers in the Phoenix market. The deal closed on May 3.
“The community is well-positioned and conveniently located by the light rail,” said Holway. “Additionally, the new owner plans to renovate and reposition the property so that it maximizes its value-add.”
Located at 1905 W. Las Palmaritas Drive, Modern on the Rail is a master-metered community constructed in 1979 and features studio, one- and two-bedroom floor plans. Residents enjoy community amenities such as a laundry care center, five swimming pools, a picnic and barbecue area, a tennis court and a playground. The property also offers convenient access to Dreamy Draw Recreation Area, North Mountain Park and Granada Park.