Berkadia announced today the $85.35 million sale of Springs at Cooley Station, a 276-unit, garden-style multifamily property in Gilbert, Arizona. Managing Director Dan Cheyne, Senior Managing Directors Mark Forrester and Ric Holway, and Director Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller, Wisconsin-based Continental Properties Company, Inc. The buyer was Utah-based Millburn and Company, and the deal closed on August 24.
“Springs at Cooley Station presented a rare opportunity for Milburn & Company to acquire a brand-new institutional quality suburban rental community that was exquisitely executed by Continental Properties,” said Cheyne. “The Springs apartment communities by Continental offer residents a unique private luxury living experience with modern, spacious apartment homes paired with a wide variety of resort-style amenities.”
Michael Slovitt of Berkadia Chicago led financing efforts to capitalize the acquisition for the buyer, Millburn & Company.
“Berkadia was able to secure full-term interest only, accretive permanent financing with Fannie Mae on the acquisition. We were able to utilize a rate buydown feature to lock in a 10-year term at an all-in fixed rate of 5.03 percent,” said Slovitt. “The agencies continue to provide attractive debt and liquidity to the multifamily market in the face of economic headwinds. In this instance, Berkadia and Fannie Mae were able to lean in on pricing and structure for a strong and experienced Sponsor acquiring a Class A, institutional quality asset in the thriving Gilbert submarket.”
Cooley Station is an upscale master-planned community in one of the highest-rated towns in the nation. Gilbert ranks as the 5th best residential real estate market and the 3rd best among mid-sized municipalities in the U.S. for 2020, according to WalletHub. It includes a vibrant urban village, abundant shopping, a wide selection of housing, parks, an aquatic center, open spaces, walking and biking trails, and tree-lined streets.