Berkadia completes $17.1 million sale of Arizona multifamily property

Berkadia today announced the $17.1 million sale of Olive East Apartments, a 120-unit multifamily garden-style property in Gilbert, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of the Phoenix office secured the deal on behalf of the seller Heritage Square, a Phoenix-based LLC. The buyer was Windsor Exchange Corp, QI for East Olive Street Investors, LLC and the deal closed on November 1.
“Olive East represents a truly rare walkable asset in the Heritage District of Gilbert, a top-notch entertainment and dining hub with over 20 eateries,” said Forrester. “The community was fully repositioned with over two million dollars invested in a true turn-key asset.”
Olive East Apartments is located at 65 E. Olive Ave., affording convenient access to Village Center Shopping Center and Freestone Park. The property features one- and two-bedroom floorplans with a breakfast nook, a dishwasher and ceiling fans. Residents can also enjoy an on-site pool, a fitness center, a cabana and a grill.