Tempe, Ariz.—Berkadia has secured the sale of Sevilla, a multifamily community located in the South Tempe submarket. Delaware-based Capital Real Estate LLC acquired the property from Colony Grove Apartments LLC. The multifamily asset traded for $16.4 million.
“Sevilla offered a unique low density site layout in the highly desirable South Tempe submarket at Priest and Baseline Roads. Additionally, the property offered significant value-add opportunity through community and apartment home improvements,” Berkadia’s Senior Managing Director Mark Forrester, said in a prepared statement.
Located at 1145 W. Baseline Road, the 169-unit property features amenities such as a fitness center and spa, a pool, a game room, a playground, walking and biking trails, on-site maintenance and a picnic area with grill. The unit mix consists of one- and two-bedroom floor plans with washer and dryer, air conditioning and heating, walk-in closets, as well as balconies or patios. Sevilla is located near Interstate Route 10, which provides direct access to Phoenix, as well as a range of urban amenities, such as Arizona State University, the Arizona Mills Outlet Mall and Tempe’s entertainment district.
Mark Forrester and Ric Holway, senior managing directors, Dan Cheyne, senior director, and Tom Wolff, associate, working from the Berkadia Phoenix office, listed the property and arranged the sale on behalf of the seller. According to Yardi Matrix, the multifamily asset is subject to a $10.7 million CMBS loan originated by Wells Fargo Bank, due in June this year.
Images courtesy of Yardi Matrix