PHOENIX—Berkadia closed the recent sale of The Springs at Gilbert Meadows Apartments, a multifamily property located at 275 W. Juniper Ave. in Gilbert. The seller was LMREC CDO II REO XIII, Inc. of Beverly Hills, and the buyer was First American Exchange Company, LLC, a qualified intermediary for RRE Bristol Holdings of Philadelphia.

Senior partner Mark Forrester, partner Ric Holway and vice president Dan Cheyne of the Phoenix office negotiated the sale of the property, which sold for $36 million. The sales price reflects a per-unit price of $78,431.

Forrester tells GlobeSt.com about the key points that sealed the deal: “There was a very significant value add opportunity to upgrade interiors and public space. The property is located in one of the best school districts in Metro Phoenix. It's located in Gilbert, which is one of the best areas of Metro Phoenix—and in downtown Gilbert with its many amenities. Lastly, the buyer could put a new loan on it. All of these factors were key to the sale.”