PHOENIX, SAN FRANCISCO and TUCSON, Ariz. – January 23, 2019 – Berkadia today announced the sale of and financing secured for Avilla Town Square, a 152-unit multifamily property in Gilbert, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office, along with Senior Managing Director Art Wadlund and Director Clint Wadlund of the Tucson, Arizona office, together completed the $42.6 million sale on behalf of the seller, Phoenix-based NexMetro Communities. The buyer was Keller Investment Properties, LLC, based in Utah.
Managing Director Clay Akiwenzie of Berkadia’s San Francisco office secured $27.6 million in Fannie Mae acquisition financing for the buyer. The 10-year loan features a sub-four percent percent interest rate with five years of interest-only payments and a 70 percent loan-to-value ratio. The deal closed on December 27, 2019.
“Investor interest in Avilla Town Square was intense from a wide variety of qualified prospective buyers,” said Forrester.
“Keller is an excellent buyer and client of the firm,” said Akiwenzie. “We were proud to help them successfully execute their exchange in such a competitive environment.”
Avilla Town Square is located at 150 E Warner Road. The property was built in 2018 and features luxury one-, two- and three-bedroom floor plans with 10-foot ceilings, hardwood-style flooring, quartz countertops and custom cabinetry. Residents also have access to a resort-style swimming pool, an outdoor area with a fireplace and covered parking and garages.