Berkadia Completes $27 Million Sale of Multifamily Property in Phoenix

Phoenix, Arizona Berkadia today announced the sale of Del Mar, a 144-unit garden-style multifamily property in Phoenix. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $27 million sale on behalf of the buyer, California-based Storm Properties, Inc. The seller was RK Del Mar Apartments, LLC, also based in California, and the deal closed on January 31.

“This Class A boutique-sized rental community is well situated to serve the significant and growing multifamily demand in the I-17, Loop 101 and Loop 202 corridors of Western suburban Phoenix,” said Forrester.

Located at 8550 W McDowell Road, Del Mar features one-, two- and three-bedroom floor plans with vaulted ceilings, walk-in closets, heating, air conditioning, in-unit washers and dryers, stainless-steel appliances, and all apartments are above-average in terms of square footage. Built in 2008, community amenities include a swimming pool, a picnic area and outdoor grilling stations. Residents are afforded convenient access to Desert Sky Mall, Desert Star Park and Gateway Pavilions Retail 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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