Berkadia Completes the Sale and Financing of a Multifamily Property in Gilbert, Arizona
GILBERT, ARIZONA – April 8, 2024 – Berkadia announced today the sale and financing of Cambria, a 174-unit, garden-style multifamily property in Gilbert, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, and Senior Directors Dan Cheyne and Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller, Utah-based Bridge Investment Group Holdings LLC.
Cambria sold to a California-based private investor. The property was 92 percent occupied at the time of the sale.
Senior Directors Vincent Punzi and Lowell Takahashi of Berkadia Irvine secured $31.546 million in permanent acquisition financing on behalf of the buyer.
“Freddie Mac provided a competitive five-year loan structure that allowed us to maximize the loan,” said Punzi.
“Cambria is a dynamic asset Class ‘A’ community convenient to a multitude of multifamily demand generators in the Southeast Valley of Metro Phoenix – and especially for residents seeking close proximity to premier Gilbert public schools and the vibrant Gilbert Heritage District,” said Forrester.
Cambria, a 2000 vintage asset, features 174-units with large 1,022 average square feet apartment homes offering unique features including direct access attached garages, 9-foot ceilings, side-by-side washer/dryers, and full slate of amenities.
Metro Phoenix Community Changes Hands For $51M | Muli-Housing News