Berkadia Completes the $46M Sale and Secures $27.7M in Financing for Multifamily Property in Phoenix, Arizona
PHOENIX and SEATTLE, WA – June 29, 2023 – Berkadia announced today the $46 million sale of Bayside, a 176-unit, garden-style multifamily property in Phoenix, Arizona. Senior 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, California-based MIG Real Estate, LLC. The deal closed on June 22.
The sales price reflects a per-unit price of $261,364 or $312.84 per square foot.
Managing Director Jeff Stuart and Associate Director John Runkle of Berkadia Seattle secured $27.7 million in acquisition financing from Freddie Mac. The buyer was Seattle-based ICG LLC.
“Bayside presented a rare opportunity to acquire a Class A garden-style community that had received substantial capital infusion of $4.2 million dollars,” said Cheyne. “Bayside location is anticipated to continue its growth with substantial investments ($40 billion) propelled by the future Taiwan Semiconductor Manufacturing Facility (TSMC).”
Situated in the Deer Valley submarket, Bayside benefits from a strong, infill location directly off of the loop 101 & I-17 freeways. The community’s location offers residents immediate access to employment centers and retail amenities in North Phoenix including more than 140,000 jobs in the Deer Valley/I-17 employment corridor, which include major offices for several Fortune 500 companies like USAA (4,400 jobs), Cigna (1,900 jobs), Discover Financial (3,000 jobs), Honeywell (2,200 jobs) and American Express (6,100 jobs).
N. Phoenix Rental Community Fetches $46M | Connect Commercial Real Estate