Metro Phoenix Community Changes Hands For $51M
Berkadia originated the Freddie Mac acquisition loan.
Bridge Investment Group has sold Cambria, a 174-unit garden-style community in Gilbert, Ariz., to a private investor for $51.3 million, according to Maricopa County records. Berkadia negotiated for the seller and secured a $31.5 million Freddie Mac acquisition loan with a maturity date set for 2029 for the buyer.
Fairfield Residential sold the asset to Bridge for $35.1 million in 2018, Yardi Matrix data shows. The deal was part of a $171.3 million portfolio transaction totaling 1,016 units, according to Business Real Estate of Arizona.
Built on 9 acres, the property encompasses one- to three-bedroom floorplans ranging between 797 and 1,322 square feet, spread across 15 buildings. Apartments feature 9-foot ceilings, private patios or balconies, as well as garden tubs. Select units provide entertainment centers, wine racks and intrusion alarms.
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Community amenities include two swimming pools, a gym, Amazon package lockers, a resident lounge, a business center, a playground, a fire pit, as well as a pet park.
Located at 130 W. Guadalupe Road, Cambria is 3 miles south of U.S. Route 60, as well as 21 miles southeast of Phoenix. Employers such as Intel and Wells Fargo are within a 16-mile radius, while Banner Health and State Farm are based in downtown Phoenix. Roughly 1 mile away, TownShip Plaza provides 112,418 square feet of retail space, giving residents access to entertainment, shopping and dining options.
Berkadia Senior Directors Vincent Punzi and Lowell Takahashi secured the acquisition financing. Senior Managing Directors Mark Forrester and Ric Holway, alongside Senior Directors Dan Cheyne and Andrew Curtis, led the transaction on behalf of the seller.
Multifamily proceedings in Phoenix
Metro Phoenix sales limped through 2023, with the first 11 months of the previous year recording a transaction volume of $2.5 billion—a staggering decrease from 2022’s volume of $10.6 billion, according to a recent Yardi Matrix report. As a result of the sporadic sale activity, per-unit prices dipped 14.6 percent year-to-date as of November 2023, dropping to $272,467. Cambria’s sale emerges ahead of the curve, presenting a per-unit price of $294,827.
Investors traded 1,693 units during the first quarter of 2024 in Greater Phoenix, a decrease from last year’s figures of 2,912 units during the same period, Yardi Matrix data shows. Despite the dip, the per-unit price of the first quarter soared to $330,384, compared to last year’s average price of $252,504 during the same interval.
One of the transactions that closed in 2024 is the sale of The Hadley North Scottsdale, a 240-unit community in Scottsdale, Ariz. IMT Capital purchased the property for $96 million from a private owner, Yardi Matrix data shows.
