Berkadia today announced the sale of 2.229 acres of land in Kierland, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office completed the $15 million sale on behalf of the seller, San Antonio-based Embrey Partners, LTD. The deal closed on March 5.

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The seller, represented by Tom Boyle of the Phoenix office of Lee & Associates, is Bridge Enterprises, LLC, Phoenix. 

“Kierland has emerged as a premiere residential, employment and entertainment submarkets in metro Phoenix,” said Forrester. “The well-conceived luxury multifamily Embrey project will be a welcomed addition to this thriving and growing part of Phoenix and Scottsdale.”

Located at 15826 North Scottsdale Road, the buyer plans to redevelop the site with 266 luxury apartments in a six-story podium design.