BERKADIA COMPLETES $12,050,000 SALE OF PHOENIX MULTIFAMILY PROPERTY

Berkadia today announced the sale of The Monarch, a 120-unit multifamily property located at 77 West Coolidge Street, Phoenix, Arizona.
Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne, and Associate Tom Wolff of the Berkadia Phoenix office exclusively listed the property and completed the sale on February 24, 2017 for the seller, B.H. Monarch, LLC, a California limited liability company. The buyer, R&V Management Corporation, a California corporation, acquired the property.
The property was built in 1974 and offers both one-and two-bedroom floor plans. Monarch represents a rare, un-renovated Class “B” apartment community in the highly sought after Uptown neighborhood in Central Phoenix. The community is located on the Metro Light Rail and offers an urban walkable renting experience. The buyer plans to upgrade the apartment homes as well as the community amenities.

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