PHOENIX—Berkadia arranged the recent loan origination and sale of Gilbert Square Apartments, a multifamily property located at 1821 E. Covina St. in Mesa. Assistant vice president Chad Williams of the Phoenix office originated the fixed-rate loan through Berkadia's Fannie Mae Program. Senior partner Mark Forrester, partner Ric Holway and vice president Dan Cheyne, also of the Phoenix office, negotiated the sale of the property, which sold for $10.7 million. The sale price reflects a per-unit price of $64,939. The seller was Exchange Services, LLC of Long Beach and the buyer was Gilbert Square Equity LLC of Portland, OR.
Berkadia arranged the acquisition loan for the property. Loan terms included a 75% loan-to-value ratio and 10-year term.
Built in 1979, the 164-unit property features one- and two-bedroom floor plans. Unit amenities include fully equipped kitchens, and select units have walk-in closets. Community amenities include a swimming pool, laundry facility, barbecues, and over 250 open parking spaces. The property was 93% occupied at the time of sale.
“Berkadia provided excellent service to both buyer and seller through a collaborative effort from the investment sales and mortgage banking teams,” Williams says. “Our teams' extensive experience and local market knowledge helped us to provide several competitive financing options which allowed the borrower to select the option that best fit them and secure long-term financing for their acquisition.”
The Gilbert Square Apartments, located near Arizona State Routes 202 and 60, is fewer than four miles from Sloan Park, the spring training facility of the Chicago Cubs, and Mesa Riverview shopping mall. The area's top employers are Mesa Community College, Mesa City Police Department, Marc Productions and Southwest Ambulance.
Phoenix metro area vacancy tightened 20 basis points in the last three months to 5.7%. Market-wide asking rents reached $861 per month in the first quarter, up 0.5% from the end of 2014.
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