Berkadia announced today the sale of a ±20-acres development site situated at the Southwest Tomahawk Road and Broadway Avenue in Apache Junction, Arizona. Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix completed the $9.547 million sale. The deal closed on April 29.

READ ALSO: How PHX East Valley Partnership has reshaped region over 40 years

The acquiring developer plans to build a 201-unit Single-Family Rental (SFR) luxury multifamily community on the site. Municipal entitlements and this proposed development were in place at the time of closing.

“This site is located within an identified Opportunity Zone and is convenient to the strong and growing multifamily demand in the East Valley of Phoenix,” said Forrester.

This land sale is the 58th multifamily development site the Berkadia Phoenix team has sold.