Berkadia today announced the sale of Dunlap Falls, a 288-unit garden-style multifamily property located in Phoenix. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $40.5 million sale on behalf of the seller, California-based Shefflin Properties. The buyer was Tides Equities, also based in California, and the deal closed on October 15.
“Dunlap Falls presented a unique opportunity to acquire an asset that has had significant capital improvements over the past few years combined with large two- and three-bedroom floor plans with a strong value-add strategy to upgrade the unit interiors,” said Holway.
Located at 3333 W Dunlap Ave., Dunlap Falls features two- and three-bedroom floor plans with patios or balconies, walk-in closets and central air and heating. Community amenities include a sparkling swimming pool and spa, large clubhouse, leasing center, covered parking and gated access. Residents are afforded convenient access to both the local elementary and high schools adjacent to the community along with Cortez Park.