Berkadia today announced the $39 million sale of The Tides on 5th, a 197-unit garden-style multifamily property located in Tempe, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia’s Phoenix office completed the sale on behalf of the seller, California-based Tides Equities. The buyer was L5 Odyssey Real Estate Investments, also based in California, and the deal closed on January 29.
Managing Director Laura Cathlina of Berkadia’s Chicago office secured the acquisition financing through Fannie Mae on behalf of the buyer. The 10-year loan features full-term interest only.
“Berkadia’s use of Fannie Mae’s streamlined early rate execution (SERL) allowed the buyer to lock in a sub three percent interest rate weeks before closing,” said Cathlina. “It provided them certainty that their financing was in place so they could focus on closing.”
“Tides on 5th presented a tremendous opportunity to acquire a community in the coveted North Tempe submarket of Metro Phoenix,” said Cheyne. “The communities rental living experience featured an open neighborhood setting with tree lined streets and a low-density site layout with single-level and townhome apartment homes.”
Located at 805 W Brown St., The Tides on 5th features studio, one- and two-bedroom floor plans. The community’s bolster top walk and bike scores with immediate access to Tempe Beach Park, Arizona State University and the shops and restaurants along S Mill Avenue.