PHOENIX, IRVINE, Calif. and SAN FRANCISCO – March 17, 2022 – Berkadia Institutional Solutions announced today the sale of the largest multifamily asset in the state of Arizona: The 1,222-unit Vaseo Apartments. The seller, a partnership led by DivcoWest and Klein Financial Corporation, was represented by Co-Head of Investment Sales and Head of Berkadia Institutional Solutions Mary Ann King of Berkadia Irvine, Senior Managing Director Brett Betzler and Director Kaohu Berg-Hee of Berkadia San Francisco and Senior Managing Director Mark Forrester of Berkadia Phoenix in a co-listing with CB Richard Ellis. The $325 million sale closed on December 14. The buyer was Dallas-based Invesco Real Estate, a global real estate investment manager.
“Vaseo’s common areas and unit interiors were recently renovated, including its income-restricted apartments, which represent 40 percent of the unit mix,” said Betzler. “The sale was financed, in part, with $130 million in tax exempt bonds, offering very attractive interest rates. That financing, combined with strong job growth and in-migration to Phoenix, made Vaseo an especially attractive investment opportunity. In addition, Vaseo’s 53-acre campus and vast common areas give it a competitive edge that smaller properties cannot emulate.”
Vaseo is the only property in the market with an onsite café and market. Additional community amenities include four swimming pool and spa areas, a 42-seat movie theater, a state-of-the-art fitness center, a full-length basketball court, a tennis court, a sand volleyball court, a playground and a large clubhouse with a demonstration kitchen.