Berkadia today announced the sale of Indian Springs Apartments, a garden-style multifamily community in Mesa.
Senior Managing Directors Ric Holway and Mark Forrester, along with Senior Director Dan Cheyne, completed the $49 million off-market sale on behalf of the seller, Stratford Partners LLC. Managing Director Jeff Stuart of Berkadia’s Seattle office secured $34.4 million in financing through Freddie Mac on behalf of the buyer, OpenPath Investments, LLC.
The loan was financed through Freddie Mac’s Green Rewards program, which provides additional funds to implement environmentally conscious “green” improvements. The 10-year financing features five years interest only, a 3.9 percent interest rate, a 70 percent loan-to-value ratio and a 30-year amortization schedule.
“Indian Springs represents a tremendous value-add opportunity in the revitalizing Fiesta District of Mesa,” Holway said. “The property is well-positioned in the submarket with the ability to renovate the unit interiors to match the $4 million exterior renovation completed by the seller.”
Indian Springs Apartments features 460 one-, two- and three-bedroom units with walk-in closets, dishwashers, patios or balconies and central air conditioning. Community amenities include a fitness center, firepit lounge, business center, conference room, yoga room, swimming pools, cabanas with outdoor televisions, bocce ball and volleyball courts, assigned covered parking and 24-hour emergency maintenance.
Located at 1031 S. Stewart Street, Indian Spring Apartments affords convenient access to Superstition Freeway and the Price Freeway. The property is also less than a mile from the Fiesta Mall, Three Fountains Plaza and Mesa Community College, and fewer than 20 miles from Phoenix and 10 miles from Tempe.