Phoenix Community Sells for $30M

Berkadia represented the seller, a subsidiary of Evergreen Development Co., which sold the 152-unit property to Pure US Apartments REIT.

Berkadia has completed the disposition of Park 28 Apartments, a 152-unit community in Phoenix. Senior Managing Director Mark Forrester, Senior Managing Director Ric Holway and Senior Director Dan Cheyne led the transaction team that represented the seller, a subsidiary of Evergreen Development Co. The buyer, Pure US Apartments REIT Inc., paid $29.7 million for the residential asset.

Strong investment opportunity

Located at 4114 N. 28th St., the property offers a mix of one-, two- and three-bedroom floor plans ranging in size from 634 to 1,341 square feet. Each unit features over-sized windows, gourmet kitchens, designer finishes, luxury bathrooms and ample walk-in closets. Community amenities include controlled access, a fitness center, a clubhouse, a swimming pool with spa, a business center and 175 parking stalls. The multifamily asset was at 96.7 percent occupancy as of March 2017, according to Yardi Matrix.

Park 28 is located in the growing East Phoenix/Arcadia submarket between Phoenix and Scottsdale, Ariz. Close urban amenities include Los Olivos Park and Biltmore Fashion Park shopping center.

Park 28 Apartments was a strong investment opportunity due to its numerous Class “A” amenities that are sure to attract renter interest. This, coupled with the strength of the surrounding market, made the property particularly attractive. The property is immediately adjacent to a municipal park, grocery anchored retail, a Starbucks, and various restaurants. The location in the revitalized Indian School Corridor and close proximity to the Camelback Road Corridor also render this a prime long term rental community,” Forrester said in prepared remarks.

Images courtesy of Yardi Matrix