Berkadia Completes $27 Million Sale of Multifamily Property in Phoenix

February 12, 2020

Berkadia Completes $27 Million Sale of Multifamily Property in Phoenix

February 12, 2020
20011

PHOENIX – February 13, 2020 – Berkadia today announced the sale of Del Mar, a 144-unit garden-style multifamily property in Phoenix. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $27 million sale on behalf of the buyer, California-based Storm Properties, Inc. The seller was RK Del Mar Apartments, LLC, also based in California, and the deal closed on January 31.

“This Class A boutique-sized rental community is well situated to serve the significant and growing multifamily demand in the I-17, Loop 101 and Loop 202 corridors of Western suburban Phoenix,” said Forrester.

Located at 8550 W McDowell Road, Del Mar features one-, two- and three-bedroom floor plans with vaulted ceilings, walk-in closets, heating, air conditioning, in-unit washers and dryers, stainless-steel appliances, and all apartments are above-average in terms of square footage. Built in 2008, community amenities include a swimming pool, a picnic area and outdoor grilling stations. Residents are afforded convenient access to Desert Sky Mall, Desert Star Park and Gateway Pavilions Retail Center.