PHOENIX – August 2, 2019 – Berkadia today announced the sale of Salado Springs, a 144-unit garden-style multifamily property in Tempe, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller, an entity of California-based Sares Regis Multifamily Value Add Fund. The buyer was a private investor.
“Salado Springs is ideally situated in the Tempe submarket, one of the most dynamic sectors of the Metro-Phoenix area. It is close to Tempe Town Lake, Sky Harbor International Airport and significant employment hubs in and around Papago Park Center and the 44th corridor,” said Forrester.
Managing Director Lucas Donahue of Berkadia’s Phoenix office also secured the acquisition financing through a Life Insurance Correspondent Lender on behalf of the buyer. The 30-year fully amortizing loan features a 3.78 percent interest rate, fixed for 15 years.
“We structured a loan with one of the top portfolio lenders in the market. This allowed the buyer to lock rate at application, taking advantage of the current low interest rate environment while eliminating any balloon risk at maturity with the 30-year fully amortizing loan,” said Donahue.
Located at 242 South Beck Drive, Salado Springs features one- and two-bedroom floor plans with air conditioning, hardwood floors, quartz countertops, stainless-steel appliances, walk-in closets and private patios or balconies. Community amenities include a clubhouse, multiple courtyards, grilling stations, a pool and a jacuzzi. Residents are also afforded convenient access to Salt River, Tempe Beach Park and Red Mountain Freeway. Salado Springs was built in 1986 and has been significantly upgraded over the past few years.