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Berkadia Completes $9 Million Sale of Development Site in Phoenix Submarket

PHOENIX, AZ – Berkadia announced today the sale of ±9.868 acres of land situated at NWC Loop 101 & 7th Avenue in Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia Phoenix completed the $9 million sale on behalf of the seller, North Res Holdings LP. The deal closed on September 29.

The Buyer is Aileron Apartments, LLC that plans to build a 287-unit luxury multifamily community on the site.

“This prime site is one of the last remaining fee-owned interchange parcels in the booming North Loop 101 Corridor,” said Forrester. “It benefits from the significant in place and future economic development in the I-17 / Loop 101 / Loop 303 / Deer Valley sector of Metro Phoenix.”

This land sale is the 53rd multifamily development site the Berkadia Phoenix team has sold.