Berkadia announced today the sale of and financing secured for a four-property multifamily portfolio totaling 892-units in Metro Phoenix, consisting of Banyan Tree, Belcourt, Coronado and Ridgeway Village Apartments.
Senior Managing Director Ric Holway, Senior Director Dan Cheyne and Senior Managing Director Mark Forrester of Berkadia Phoenix completed the $155.75 million sale on behalf of the seller, Arizona-based The Barry Company, LLC.
“The sales of these properties were part of the Phoenix 5 portfolio that consisted of 1,028 units across Metro Phoenix,” said Holway. “The communities were owned and managed by the seller for over 20 years. Each community had unique physical features and were located in various areas throughout the Phoenix metropolitan area. The offering received incredible interest from very qualified individual and portfolio buyers. The seller selected individual buyers for each community as opposed to a portfolio buyer.”
The properties in this portfolio include:
Banyan tree, a 232-unit garden-style multifamily community is located in North Phoenix off Cactus Road and I-17 Black Canyon Freeway. The property features one-, two- and three-bedroom floor plans averaging 810 square feet. The community has direct access to the I-17 Corridor, Deer Valley Airport Employment Center and Metro-Center.
Coronado, a 262-unit garden-style multifamily property is located on Broadway Road just east of McClintock Road in Tempe, Arizona. Senior Director Chris Pollard of Berkadia Dallas secured the $48.5 million in financing for the acquisition of Coronado on behalf of the buyer, California-based Tides Equities. The three-year bridge loan was sourced through ACRES Capital. Coronado apartments offers residents a low-density community in North Tempe. The community features unique single-story casita apartment homes along with spacious one- and two-bedroom floor plans.
“The Tides team is always great to work with,” said Pollard. “This property will be a great addition to their portfolio and continued success in the Phoenix MSA”
Belcourt, a 198-unit garden-style multifamily property is located at 7th Avenue and Osborn Road in Midtown Phoenix, Arizona. The property features mid-century modern design with spacious studio, one- and two-bedroom floor plans. The community features a truly walkable site location with immediate access to the Metro Light Rail, Park Central Mall, St. Joseph’s Hospital along with Sprouts Farmers Market and numerous retail shops.
Ridgeway Village, a 200-unit garden-style multifamily property is located on Bethany Home Road and 60th Avenue in Glendale, Arizona. The property features studio, one- and two-bedroom floor plans within a low-density two-story garden-style site plan. The community is located within minutes of numerous demand drivers and the I-10 freeway which provides convenient access to downtown.