NorthRock JV Acquires Phoenix Community for $55M

Berkadia provided the buyer of the 376-unit multifamily asset with a $39 million, 10-year Fannie Mae acquisition loan.
Tides on Thunderbird

A joint venture between NorthRock Cos. and The Cynosure Group has purchased Tides on Thunderbird, a 376-unit garden-style community in Phoenix, from Columbus Pacific Properties for $55.4 million, according to Yardi Matrix. Berkadia secured $39 million in acquisition financing on behalf of the buyer. The 10-year, fixed-rate Fannie Mae loan has a five-year, interest-only term.

Built in 1981, the asset has studio-, one- and two-bedroom units with quartz countertops, walk-in closets and in-unit washers and dryers. Common-area amenities include a pool, fitness center, business center and clubhouse. According to Yardi Matrix data, the community was 95.7 percent occupied in January.

Located 13 miles north of downtown Phoenix at 2140 W. Thunderbird Road, the 33-building property is within a mile of Interstate 17. Tides on Thunderbird is adjacent to a large park and a golf course, and the surrounding area has several retail options within walking distance.

Berkadia’s team included Senior Managing Director Chris Ellis, Director Jonathan Pratt and Associate Director Rossana Bouchaya. In August, Pratt secured a $92.7 million refinancing package for a garden-style community in Woodbridge, Va.