Berkadia Facilitates $35M Phoenix Sale

Ric Holway, Mark Forrester and Dan Cheyne represented the seller of the 138-unit property completed in 2018.

Elux at Tramonto

Berkadia has arranged the $34.7 million sale of Elux at Tramonto, a 138-unit community in Phoenix. Senior Managing Directors Ric Holway and Mark Forrester, together with Senior Director Dan Cheyne, assisted the seller, Snowdon Partners.

Managing Director David Bleiweiss worked on behalf of the buyer, a private investor, to secure a $20.8 million Freddie Mac acquisition loan. The 10-year mortgage has a 60 percent loan-to-value ratio and amortizes over a 30-year period.

Elux at Tramonto occupies nearly 9 acres at 35035 N. North Valley Parkway within the master-planned Tramonto community. The 2018-built, Class A property consists of single-unit and duplex buildings with one- to three-bedroom floorplans ranging from 718 to 1,441 square feet. Amenities include a swimming pool, spa, clubhouse and fitness center.

The garden-style community is some 27 miles northwest of downtown Phoenix via Interstate 17, across from the Tramonto Marketplace shopping mall. The surrounding area also includes various shops and restaurants alongside Route 74.

In December, Holway, Forrester and Cheyne represented Cavan Commercial in the $36.7 million sale of a 153-unit asset in Peoria, Ariz. The buyer took out a $23.9 million Freddie Mac loan for the purchase.

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