Berkadia today announced the sale of and financing secured for Tides at North Phoenix, a 316-unit garden-style multifamily property in Phoenix. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $54 million sale on behalf of the seller, Los Angeles-based Tides Equities. The buyer was Vancouver-based Western Wealth Capital.
Clay Akiwenzie of Berkadia’s San Francisco office secured $39.95 million in acquisition financing through Freddie Mac on behalf of the buyer. The seven-year loan features an adjustable interest rate below three percent, a 75 percent loan-to-value ratio and two-years of interest-only payments followed by a 30-year amortization schedule. The deal closed on December 4.
“Tides at North Phoenix offered the opportunity to acquire a 1985 vintage value-add asset in the high-growth submarket of Deer Valley / North Phoenix,” said Cheyne. “This submarket has a limited supply of multifamily assets with significant rent growth opportunities. The buyer plans to continue with upgrades to the community through interior unit and community amenity improvements.”
“It was a pleasure working with all parties on this acquisition,” said Akiwenzie. “To close with precision in the midst of such intense political and global turbulence takes a steady hand and trusted partners. We were proud to play our part putting and holding this deal together.”
Located at 2222 West Beardsley Road, residents are afforded convenient access to Deer Valley Park and HonorHealth Deer Valley Medical Center. The Tides at North Phoenix property features studio, one-, two-, and three-bedroom floor plans.