Phoenix Community Sells for $15M
- Mar 14, 2018
Los Angeles-based Tides Equities has purchased the Murano Apartment Homes, a 187-unit garden-style community in Phoenix, for $15.3 million. Berkadia arranged the sale on behalf of the seller, Weidner Apartment Homes, based in Seattle.
Located at 4815 and 4915 E. Thomas Road, the 15-building property occupies 5.4 acres in the Arcadia neighborhood, east of 44th Street and two miles north of the Loop 202 freeway. Constructed in two phases in 1977 and 1980, Murano comprises a mix of studio, one- and two-bedroom units, averaging 497 square feet and featuring a central system for heating and cooling. Amenities include a pool, a tennis court and a barbecue area.
“Murano was a unique opportunity to acquire 187 units in the Arcadia neighborhood of Phoenix,” said Ric Holway senior managing director at Berkadia’s Phoenix office, in prepared remarks. “The property also offers the additional benefit of the ability to split the community back into two small boutique assets if desired.”
Holway brokered the sale, along with Senior Managing Director Mark Forrester and Senior Director Dan Cheyne.
Image courtesy of Yardi Matrix