Phoenix-Area Property Trades for $16M

ReNue Properties sold Sonoma Heights, a 96-unit value-add community located in Mesa, Ariz.
Sonoma Heights

Westgrove Partners has purchased Sonoma Heights, a 96-unit garden-style property in Mesa, Ariz., for $16 million. Berkadia arranged the sale on behalf of the seller, ReNue Properties. East West Bank provided an $11.9 million loan to finance the acquisition, according to Yardi Matrix.

Sonoma Heights is situated at 520 N. Mesa Drive, within 2 miles of downtown Mesa. The community provides easy access to Freeway 202 and is roughly 20 miles from downtown Phoenix. Additionally, the property is close to many dining, shopping and recreational areas, including the Escobedo Park and Fitch Park.

Constructed in 2000, the seven-building Sonoma Heights sits on more than 6 acres and encompasses a mix of two-, three- and four-bedroom units averaging 916 square feet, Yardi Matrix shows. Property amenities include a swimming pool, clubhouse and barbecue area. The buyer is planning amenities, exterior and interior upgrades.

Senior Director Dan Cheyne and Senior Managing Directors Mark Forrester and Ric Holway of Berkadia’s Phoenix office brokered the sale. Berkadia has also recently arranged the $22 million sale of a garden-style Atlanta-area community and the $54 million sale of a 178-unit property in the Inland Empire.