PHOENIX and IRVINE, Calif. – October 15, 2020 – Berkadia today announced the sale of and financing secured for Elux at Tramonto, a 138-unit garden-style multifamily property located in Phoenix. Senior Managing Directors Ric Holway and Mark Forrester and Senior Director Dan Cheyne of Berkadia’s Phoenix office completed the $34.7 million sale on behalf of the seller, Arizona-based Snowdon Partners. The buyer was an undisclosed entity, and the deal closed on September 30.
Managing Director David Bleiweiss of Berkadia’s Irvine, California office secured the $20.8 million in financing on behalf of the buyer for the acquisition of the property. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization.
“Elux at Tramonto is a newly built for rent low density, horizontal community, a niche of the Metro Phoenix multifamily market increasingly desired by many renters,” said Forrester.
“The borrower has been looking to add to their existing multifamily portfolio outside of their normal footprint, and this was a good fit and compliment to their other assets,” said Bleiweiss.
Located at 35035 N North Valley Parkway, Elux at Tramonto features one-, two- and three- bedroom oversized floor plans with patios or backyards, stainless steel appliances, in-unit washers and dryers and a high-tech package of amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and a fitness center. The property benefits from its site location within the Tramonto master planned community,
providing distance to a playground and associated amenities as well as the shops and restaurants along N North Valley Parkway, Interstate 17 and Route 74.