Berkadia Completes $16 Million Sale of Multifamily Property in Arizona

September 4, 2019

Berkadia Completes $16 Million Sale of Multifamily Property in Arizona

September 4, 2019
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PHOENIX – September 4, 2019 – Berkadia announced today the $16 million sale of Sonoma Heights, a garden-style multifamily property in Mesa, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Mark Forrester and Ric Holway of Berkadia’s Phoenix office led the sale on behalf of the seller, Scottsdale, Arizona-based ReNue Properties. The buyer was Westgrove Partners, based in California, and the deal closed on August 30.

“Sonoma Heights, completed in 2000, is a unique multifamily asset offering 96 apartment homes just north of downtown Mesa with tremendous value-add potential,” said Cheyne. “The buyer plans on upgrading the community exterior and amenity package, along with an extensive interior renovation, bringing the community on par with current generation construction.”

Located at 520 N. Mesa Drive, Sonoma Heights features spacious two-, three- and four-bedroom floor plans. The community also features a swimming pool, a clubhouse and a barbeque area. Residents are afforded convenient access to nearby Escobedo Park and Fitch Park, as well as downtown Mesa, which is just south of the community.