PHOENIX and AUSTIN, Texas — March 10, 2022 — Berkadia announced today the sale of and financing secured for The Rev, a 172-unit garden-style multifamily property in Tempe, Arizona. Managing Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix completed the sale on behalf of the seller, Washington-based Securities Properties Inc. The buyer was Vancouver and Phoenix-based Western Wealth Capital, and the deal closed on March 2.
“The Rev presented a unique opportunity to acquire a highly improved rental community in the heart of Tempe,” said Cheyne. “The Rev offered great market upside with strong lease trade outs plus the ability to further enhance the community’s apartment interiors.”
Managing Director Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. The bridge loan was arranged through Benefit Street and features future funding to facilitate completion of upgrades to the property.
Located at 3409 South Rural Road, The Rev features low density 16.4 units-per-acre well-designed studio, one- and two-bedroom apartment homes configured in two-story construction that presents clear cut advantages over its submarket competitors including its block and concrete construction, renovated apartment homes with floor-to-ceiling windows and resort quality community amenity package.
The community offers residents a complete amenity package including a resort-inspired oversized swimming pool, a heated spa, a standalone leasing center, a resident lounge, business center, a fitness center, a locker room and large courtyards.