News & Transactions

Berkadia Completes $16.350M Sale of Tempe Multifamily Property

3/20/2017



Berkadia today announced the sale of Sevilla, a 169-unit multifamily property located at 1145 West Baseline Road, Tempe, Arizona.

Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Berkadia Phoenix office exclusively listed the property and completed the sale on March 10 on behalf of the seller, Colony Grove Apartments, LLC. The buyer was Capital Real Estate LLC, a Delaware limited liability company.

“Sevilla offered a unique low density site layout in the highly desirable South Tempe submarket at Priest and Baseline Roads,” Forrester said. “Additionally, the property offered significant value-add opportunity through community and apartment home improvements.”

The property features 169 one- and two-bedroom floor plans offering amenities such as washer and dryer units, air conditioning and heating, balconies and patios, garbage disposals, vaulted ceilings and walk-in closets. Residents enjoy property amenities such as a fitness center, spa, pool, playground, walking and biking trails, a game room, on-site maintenance and a picnic area with barbecue grills. 

The property is conveniently located near Interstate Route 10 that offers fast access to nearby Phoenix, as well as Tempe attractions such as Arizona State University, the Arizona Mills Outlet Mall, and Tempe’s entertainment district.