Berkadia today announced the recent sale of Barrington Regent, a Class B rental community in Phoenix. The $11 million sale was completed on May 18, and reflects a $88,709 per-unit price. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office helped facilitate the sale.
The seller was Su Casa properties of San Rafael, California. The buyer, Curtis Capital Group of Bellevue, Washington, was looking for strong value-add opportunity in the heart of midtown Phoenix.
“The proximity to downtown Phoenix and the unique property features of this mid-rise asset made Barrington Regent a particularly attractive investment,” said Forrester. “In addition to upgrades to the property’s interior and exterior, Curtis Capital Group plans to rebrand the community.”
Built in 1980, the 124-unit property includes spacious one- and two-bedroom floor plans with kitchens equipped with dishwashers and garbage disposals. Community amenities include a resort-style pool, whirlpool spa, poolside cabana, clubhouse, fitness center, gated community, reserved covered parking, on-site laundry facilities and barbeque areas.
Located at 825 W. Osborn Road, Barrington Regent is less than a mile from the Metro Light Rail and approximately one mile from the Downtown Phoenix Corridor. Top employers in the area include both city and state governments and TGEN Bioscience Research.