SCOTTSDALE, ARIZ. – August 13, 2019 – Berkadia announced today the sale of Scottsdale 5th Avenue, a 59-unit, garden-style multifamily property in Scottsdale, Arizona as well as Oak Tree, a 76-unit, garden-style community in Phoenix, Arizona. Ric Holway and Mark Forrester, Senior Managing Directors, and Dan Cheyne Senior Director of Berkadia’s Phoenix office led the transaction on behalf of the seller, Colorado-based Birch, LLC.
The two-property portfolio sold for $13.5 million to Phoenix-based ZH Multifamily on August 9th. The sales price for Scottsdale 5th was $6.6M or $111,864 per unit and Oaktree sold for $6.9M or $90,789 per unit.
“Scottsdale 5th & Oaktree provided a unique opportunity to acquire a pair of infill assets that were privately owned for 20 years. Scottsdale 5th offered an irreplaceable location on the doorstep of old town Scottsdale and Oaktree was a rare untouched 1984 asset with strong value-add upside,” said Cheyne.
Scottsdale 5th Avenue was built in 1968 and features 59-units averaging 416 SF. Located at 6405 E. Indian School Road in Scottsdale, the property affords convenient access to Old Town Scottsdale. Oak Tree was built in 1984 and features 76 units with 100% classic unit interiors. Located at 3620 E. McDowell Road in Phoenix, the property affords convenient access to multiple economic hubs including Sky Harbor, Camelback Corridor, Downtown Phoenix & Tempe.
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.