PHOENIX – December 23, 2020 – Berkadia today announced the sale of and financing secured for Alanza Place, a 360-unit multifamily property comprised of a combination of four-story-podium and attached-garage luxury townhomes in Phoenix. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office completed the $90 million sale on behalf of the seller, an undisclosed entity. The deal closed on December 8.
Managing Director Lucas Donahue, also of Berkadia’s Phoenix office, secured $56.4 million in financing for the acquisition of the property on behalf of the buyer, a private family office. The 10-year full term interest-only loan features a low sub 3.0 percent fixed rate.
“Alanza Place is a high-quality asset built in 2002 and has recently been largely renovated by the seller. The location is just minutes from a multitude of multifamily demand generators, including the Sky Harbor Airport, Downtown Phoenix, Downtown Tempe, Downtown Scottsdale, the 44th Street office corridor, employers located along Camelback Road and much more,” said Forrester.
“It was a pleasure working with this borrower,” said Donahue. “Berkadia’s extensive network and deep financing relationships afford our clients best-in-class pricing and structure.”
Located at 1121 N 44th St., Alanza Place features one-, two- and three-bedroom floor plans with walk-in closets, in-unit washers and dryers, private patios or balconies and underground, garage and surface parking options. Community amenities include a swimming pool, a fitness center, conference room, a clubhouse and an outdoor area with grilling stations.