PHOENIX, AZ – January 10, 2019 – Berkadia announced today the sale and financing for Lilly Garden, a 180-unit multifamily property in Phoenix, Arizona. Senior Director Dan Cheyne and Senior Managing Directors Ric Holway and Mark Forrester of Berkadia’s Phoenix office completed the $11.7 million sale on behalf of L and L Investment, LLC. Director Bryan Mummaw of Berkadia’s Phoenix office arranged the acquisition financing on behalf of buyer Tower 16 Capital Partners. The deal closed on December 18.
“Lilly Gardens is Tower 16 Capitals first venture into the Phoenix market,” said Cheyne. “This 100% classic community presented a rare opportunity to acquire an asset with significant value-add potential.”
The three-year, adjustable rate loan was secured through Bridge Investment Group.
Built in 1977, Lilly Gardens is located at 4903 West Thomas Road in Phoenix’s Maryvale neighborhood. The property offers a mix of studio, one- and two-bedroom apartments and a variety of community amenities, including a pool, outdoor barbecues and covered parking.