Berkadia secures $29.7M for Phoenix multifamily property

Berkadia announced the sale of the 152-unit Park 28 Apartments, a new luxury multifamily community located in Phoenix.

Senior Managing Director Mark Forrester, Senior Managing Director Ric Holway and Senior Director Dan Cheyne closed the $29.7 million sale on behalf of the seller, an entity of Evergreen Development Company. The buyer was Pure US Apartments REIT Inc., a Maryland corporation. The deal closed on June 9.

“Park 28 Apartments was a strong investment opportunity due to its numerous Class ‘A’ amenities that are sure to attract renter interest,” Forrester said. “This, coupled with the strength of the surrounding market, made the property particularly attractive.”

Park 28 features one, two and three-bedroom floor plans with over-sized windows, gourmet kitchens with designer finishes, luxury bathrooms and spacious walk-in closets. Community amenities include a 24/7 fitness center, elevator access, a two-level clubhouse/fitness center, a resort-inspired pool, garages and a conference center.

Forrester adds, “The property is immediately adjacent to a municipal park, grocery anchored retail, a Starbucks, and various restaurants. The location in the revitalized Indian School Corridor and close proximity to the Camelback Road Corridor also render this a prime long term rental community.”

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