Berkadia Completes Nearly $60 Million Sale of Multifamily Property in Arizona

Berkadia announced the sale of Lunaire, a 240-unit garden-style multifamily property in Goodyear, Arizona.

Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office completed the $59.7 million sale on behalf of the seller, California-based RK Properties. The buyer was Illinois-based 29th Street Capital, and the deal closed on March 31.

“This property is well situated in the booming West Valley of Metro Phoenix, close to the growing employment corridors along the Interstate 10, Loop 101, Loop 202 and Loop 303 freeways,” said Forrester. “Lunaire is a well maintained and managed 2007 vintage Class A apartment community offering a full complement of amenities and a large unit floor. Lunaire also presents an interesting value-add opportunity should certain common area spaces and interiors be further upgraded.”

Located at 949 S Goodyear Blvd., Lunaire features one-, two- and three-bedroom floor plans with in-unit washers and dryers, walk-in closets and private balconies or patios. Community amenities include a swimming pool, a business center, covered parking, detached garages, a clubhouse, a spa, a fire pit and a fitness center. The property is conveniently located near Interstate 10 and Loop 101, Loop 202 and Loop 303.