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7/27/2016 - Berkadia Completes $15.5 Million Sale of Arizona Multifamily Property
Berkadia today announced the recent sale of Park Shadows, a multifamily property located in Goodyear, Arizona. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Senior Director Dan Cheyne and Associate Tom Wolff of the Phoenix office facilitated the $15.5 million sale that closed on July 22. The buyer, JB Partners, LLC, a Nevada limited liability company based in Newport Beach, California, purchased the property from Park Shadows Country Homes, LLC, an Arizona limited liability company based in Goodyear. “Park Shadows represents a rare 1940's community set upon 38 lush acres,” noted Holway. “We’ve continued to observe investor interest in unique properties such as this, and it’s a trend we don’t expect to die down anytime soon.” The 237-unit, single-story property was built in 1944 and was 98 percent occupied at the time of sale. Floor plans feature one-, two- and three-bedroom options with washers and dryers and large back yards. Residents can enjoy community amenities including a pool, a playground, a volleyball and a basketball court, and barbeque areas. Located at 620 N. Litchfield Rd., the property affords convenient access to Interstate 10, and is less than one and a half miles from Phoenix Goodyear Airport and under five miles from Cancer Treatment Centers of America at Western Regional Medical Center. Top employers in the area include the Phoenix Goodyear and Glendale Municipal Airports and Luke Air Force Base. Earlier this year, Berkadia’s Phoenix team also facilitated $61.5 million in combined sales for two separate multifamily properties in Goodyear: Serafina Apartment Homes and Lunaire Apartments. [Commercial Executive Magazine]

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