PHOENIX – July 29, 2022 – Berkadia announced today the combined sales of two multifamily properties located in Mesa, Arizona. Managing Director Dan Cheyne, Senior Managing Directors Ric Holway and Mark Forrester and Director Andrew Curtis of Berkadia Phoenix completed the $33 million in combined sales on behalf of the seller, California-based LLG Investments Inc. The buyer, also based in California, was RSN Property Group, and the deal closed on July 8. This is RSN’s first acquisition in Phoenix and they are looking to continue to build their portfolio in the MSA.
“Parkside and River Rock are two value-add communities located just north of Downtown Mesa,” said Cheyne. “The buyer has a great opportunity to renovate the communities and take advantage of the walkability to local dining and entertainment as well as the Metro Light Rail.”
The two properties include:
Parkside is located at 325 W 5th St. The 87-unit property features studio, one- and two-bedroom floor plans adjacent to Evergreen Park.
River Rock is located at 447 W Rio Salado Parkway. The 48-unit property features 100 percent two-bedroom floor plans with private patios, in-unit washers and dryers and dishwashers.