PHOENIX, ARIZ. – Berkadia announced today the $16 million sale of Sonoma Heights, a garden-style multifamily property in Mesa, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Mark Forrester and Ric Holway of Berkadia’s Phoenix office led the sale on behalf of the seller, Scottsdale, Arizona-based ReNue Properties. The buyer was Westgrove Partners, based in California, and the deal closed on August 30.
“Sonoma Heights, completed in 2000, is a unique multifamily asset offering 96 apartment homes just north of downtown Mesa with tremendous value-add potential,” said Cheyne. “The buyer plans on upgrading the community exterior and amenity package, along with an extensive interior renovation, bringing the community on par with current generation construction.”
Located at 520 N. Mesa Drive, Sonoma Heights features spacious two-, three- and four-bedroom floor plans. The community also features a swimming pool, a clubhouse and a barbeque area. Residents are afforded convenient access to nearby Escobedo Park and Fitch Park, as well as downtown Mesa, which is just south of the community.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.