BERKADIA COMPLETES $11M MULTIFAMILY SALE NEAR DOWNTOWN PHOENIX

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.

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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.

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