Berkadia Completes $15.5 Million Sale of Multifamily Property in Glendale, Ariz.

PHOENIX, ARIZ.  –  Berkadia announced today the cash sale of The Place on 51st, a townhome-style multifamily property in Glendale, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office led the $15.5 million sale on behalf of the seller, MPC Development.

“The Northwest Phoenix/Glendale submarkets have emerged as some of the most attractive residential addresses in Metro Phoenix,” said Forrester. “These attached garage/townhouse-style luxury apartments are a rarity in this sector of the market.”

The Place on 51st was built in 2017 and features 72 units with two- and three-bedroom floor plans. Each of the apartments feature a two-car attached garage, contemporary hardware and fixtures, modern eat-in kitchens, washers and dryers, walk-in closets and dishwashers. Residents also have access to several on-site amenities, including a pool, a picnic area and a barbeque area. Located at 19955 N. 51st Ave., the property affords convenient access to the 101 Freeway, Interstate 17 demand generators and the Arrowhead Towne Center.


About Berkadia

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

 

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