PHOENIX – May 21, 2018 – Berkadia today announced the $45.5 million sale of Autumn Creek, a multifamily garden-style property in Chandler, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the sale on behalf of the seller, an affiliate of Arizona-based PEM Real Estate Group. The buyer was a Vancouver-based Canadian investor, and the deal closed on May 10, 2018
“Chandler is a strong rental market and Autumn Creek is well-positioned to benefit from the market’s multiple demand generators and future growth,” said Forrester.
Located at 1320 N McQueen Road, the 360-unit property offers studio, one- and two-bedroom units. Select units have already undergone renovations, and additional opportunities to renovate present strong value-add potential for the buyer.. Community amenities include three pools, a tennis court, a volleyball court, a basketball court, a fitness center and covered parking. The property offers convenient access to Arizona State Route 87 and is approximately 25 miles southeast of downtown Phoenix.