Berkadia announced the recent $21.2 million sale of Avenue 8, a garden-style multifamily property located Mesa, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix team represented the seller, Delaware-based KMG Village in the Pines LLC. The buyer was PC Avenue 8 Mesa LLC., also based in Delaware.
“The fundamentals in Phoenix continue to be exceptionally strong,” Forrester said. “Avenue 8 is a great value-add property, and the buyer capitalized on the opportunity to invest in both this property and the area’s thriving market.”
Avenue 8 is located at 1050 W. Eighth Ave. The 194-unit property features exclusively two-bedroom units with refrigerators and stackable washer and dryer units. Community amenities include two swimming pools, covered parking, fitness center, and a renovated office and clubhouse. The location affords quick access to Scottsdale, Glendale and Phoenix via State Route 101.