123rf.com: Vadim Guzhva

September 19, 2016


Berkadia sells Phoenix multifamily property for $14.05M

Berkadia negotiated the recent sale of a portfolio of three for rent multifamily properties located across Phoenix.

The sale was facilitated by Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff, based in the Phoenix office. The $14.05 million transaction was completed on August 19.

The sellers were BPI Properties, LLC and ATP LLC, both based in Arizona, as well as Amigon LLC, based in Washington. The buyers were Siesta Palms on Georgia, LP, Twin Palms on 27th, LP, and Palm Shadows on Thomas, LP, all based in Delaware.

“The three master-metered communities within this portfolio were all run as short-term furnished rentals,” Holway said. “The sellers owned the assets for more than 25 years and they were appealing to the buyer due to their strong cash flow.”

The properties are comprised of 374 units with studio and one-bedroom floor plans. Average asking rent in Phoenix advanced 7.2 percent annually to $953 per month by the end of the second quarter 2016.