Berkadia announced today the sale of 20-acre development site in Queen Creek, Arizona. Senior Managing Director Mark Forrester and Director Andrew Curtis of Berkadia Phoenix completed the $11,047,543 sale on behalf of the seller, Barney Farm I, LLC. The deal closed on December 16, 2021.

The buyer was Maple Multi-Family Land TX, L.L.C.

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“The town of Queen Creek offers a youthful, well-educated population base, a vibrant economy and new infrastructure,” said Forrester. “It fit the ideal investment criteria for developers of many asset types.”

“The East Valley continues to be one of the primary growth sectors of Metro Phoenix and much of this ongoing economic expansion is situated around Gateway Airport, Loop 202, The Superstition Freeway and several area master planned developments all close to Queen Creek,” said Curtis. “Queen Creek’s immediate proximity to Mesa, Gilbert and Chandler results in a projected Queen Creek population growth of 34 percent by 2026 over a population base of approximately 70,000 in 2021. Queen Creek will need alternative housing options to keep up with demand and this development site will do just that.”

Buyers plan to build a 497-unit apartment community on the land in 2022.