$19.6 Million Deal
PHOENIX, ARIZ. – November 26, 2018 – Berkadia today announced the $19.6 million all-cash sale of The Place on Alma School, a townhouse-style new luxury rental community in Chandler, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of the Phoenix office completed the sale on behalf of the seller, Phoenix-based MPC Development, and the buyer, Univest, Inc., based in Southern California. The deal closed on November 19.
“Chandler is one of the strongest rental markets in metro Phoenix, and The Place on Alma School is ideally situated to serve this multifamily demand,” said Forrester. “Additionally, this community’s townhouse design and large floor plans made it a particularly attractive asset.”
The 77-unit property is located at 1111 W. Parklane Blvd., adjacent to a Safeway store. Built in 2017, The Place on Alma School offers two-, three- and four-bedroom floor plans. The units feature dishwashers, large closets, attached two-car garages and a luxury appliance package including full-size washer and dryer units. Residents can also enjoy community amenities such as a pool, a bocce court and a putting green. In addition to an entrance off of Alma School Road—a major thoroughfare—the property is conveniently accessible via both the Loop 101 and Santan Loop 202 freeways, and is less than 25 miles from downtown Phoenix.
$15 Million Deal
PHOENIX, ARIZ. – November 26, 2018 – Berkadia today announced the $15 million sale of Excel Courtyard Apartments, a garden-style multifamily property in Mesa, Arizona. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the sale on behalf of the seller, Phoenix-based L and L Investment LLC. The buyer was Bean Investment Real Estate Inc., based in Portland, Oregon, and the deal closed on November 13.
“Excel Courtyard represents a truly rare opportunity within the Phoenix market to acquire an asset with 100 percent classic interiors from an owner-operator. The community is located just minutes from Mesa Riverview Shopping Center and the Chicago Cubs Spring Training Facility in Northwest Mesa,” said Holway.
Excel Courtyard Apartments was built in 1969 and features 198 units of studio, one-, two- and three-bedroom floor plans. The community features three sparkling swimming pools, large mature grass courtyards and a playground.
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.