Berkadia Negotiates $48M Multifamily Build-to-Rent Property Sale in Phoenix, Arizona
Phoenix, Arizona – April 22, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of Sanctuary at South Mountain, a 166-unit, horizontal Build-to-Rent (BTR) community in South Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Managing Directors Andrew Curtis and Dan Cheyne of Berkadia Phoenix led the transaction on behalf of the seller, Arizona-based CRP/Brown 40th and Southern Owner, L.L.C.
Sanctuary at South Mountain sold for $48 million to San Deigo based Tower 16 Capital Partners on April 16. The sales price reflects a per-unit price of $289,157 or $262.00 per square foot.
“Cottage-Style (BTR) Properties continue to attract strong interest from the investment community,” said Curtis. “We are pleased to represent the seller on this transaction, and we are thankful for the thoughtful execution by the buyer who believes in the product type.”
Located at 6250 S. 40th Place, Sanctuary at South’s Mountain’s convenient location off the I-10 freeway provides easy access to various high-wage employment hubs across the metro area, notably in Tempe, Central Phoenix, and around Sky Harbor International Airport. Built in 2024, Sanctuary at South Mountain offers a desirable selection of one, two, and three-bedroom single- and two-story apartment homes in an irreplaceable central, infill Phoenix location. Each unit boasts well-designed floor plans with nine-foot ceilings, smart home systems and privately fenced-in yards or patios. The community also features best-in-class amenities including a first-rate clubhouse, expansive fitness center, and resort-style pool and spa.
Berkadia Negotiates $48M Multifamily Build-to-Rent Property Sale in Phoenix | Real Estate Daily News
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