Phoenix-Area Community Sells for $37M

The buyer of the 153-unit, garden-style community financed the acquisition with a nearly $24 million Freddie Mac loan.
The Bungalows on Olive

Silver Star Real Estate has acquired The Bungalows on Olive, a 153-unit multifamily asset in Peoria, Ariz., for $36.7 million, according to Yardi Matrix. Berkadia represented the seller, Cavan Commercial, and provided the buyer with a $23.9 million senior loan through Freddie Mac.

Built in 2018, the garden-style community comprises one-, two- and three-bedroom apartments finished with quartz countertops, stainless steel appliances, hardwood-style flooring, walk-in closets and private backyards. Common-area amenities include a swimming pool, covered parking and rentable, detached garage units. The asset was 97.4 percent occupied as of November, according to Yardi Matrix data.

Located at 8201 W. Olive Ave. on a 12.6-acre plot, The Bungalows is 4 miles from State Farm Stadium and 14 miles from downtown Phoenix. The property is approximately 1 mile from both Highway 60 and the Agua Fria Freeway.

Berkadia’s Managing Directors Mark Forrester and Ric Holway, along with Senior Director Dan Cheyne, worked on behalf of Cavan Commercial. In September, the trio represented the seller of a 96-unit property in Mesa, Ariz., in a $16 million deal. Associate Director Tom Wolff secured the financing.