PHOENIX – November 24, 2020 – Berkadia today announced the sale of and financing secured for The Retreat at the Raven, a 192-unit garden-style multifamily property in Phoenix. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $49.2 million sale on behalf of the seller, a private Arizona investor.
Berkadia also secured acquisition financing through Freddie Mac on behalf of the buyer. The deal closed on October 28.
“Fronting both a primary arterial street and a golf course, Retreat at the Raven is a strong Class A luxury community with oversized floor plans and public amenities,” said Forrester. “Offering garage options for a majority of its residents, this asset is situated close to multiple multifamily generators emanating from nearby Tempe, Sky Harbor Airport and the I-10 employment corridor. Several recreational venues and services are also convenient, resulting in attractive living options for today’s discerning renter.”
Located at 3606 E Baseline Road, residents are afforded convenient access to South Mountain Park and the Raven Golf Club. Community amenities include a pool and a 24-hour fitness center. Opened in 2001, Retreat at The Raven features one-, two-, and three-bedroom floor plans, each with a full-size washer and dryer, nine-foot ceilings, spacious closets and private patios and balconies, along with other amenities commonly found in Class A apartments in Metro Phoenix.