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Berkadia Completes $31.3 Million in Combined Sales of Two Multifamily Properties in Arizona

Berkadia today announced the sales of Pennytree and Sunnybrook, two garden-style multifamily properties in Downtown Mesa, Arizona.

Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia Phoenix completed the $31.3 million in combined sales on behalf of the respective sellers.

“Sunnybrook and Pennytree are both dynamic Downtown Mesa apartment communities with strong value-add opportunities,” said Cheyne. “Both sites provide walkable access to Downtown Mesa attractions including the new ASU @ Mesa City Center Campus and the Metro Light Rail along with over 30 lifestyle and entertainment venues.”

Sunnybrook is located at 138 W 1st St. The buyer was Arizona-based ZH Multifamily, and the deal closed on March 12. The 103-unit property features studio, one- and two-bedroom floor plans.

Pennytreeis a 146-unit property located at 232 S MacDonald. The buyer was Arizona-based Sterling Real Estate Partners. The deal closed on March 31.

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