Berkadia announced today the sale of ±9.868 acres of land situated at NWC Loop 101 & 7th Avenue in Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix completed the $9 million sale of the Phoenix development site on behalf of the seller, North Res Holdings LP. The deal closed on September 29. The Buyer is Aileron Apartments, LLC.

The buyer plans to build a 287-unit luxury multifamily community on the site.

READ ALSOHow can Arizona keep up with increased construction labor demands?

“This prime site is one of the last remaining fee-owned interchange parcels in the booming North Loop 101 Corridor,” said Forrester. “It benefits from the significant in place and future economic development in the I-17 / Loop 101 / Loop 303 / Deer Valley sector of Metro Phoenix.”

This land sale is the 53rd multifamily development site the Berkadia Phoenix team has sold.