Dealmaker: Berkadia Arranges $43M for Arizona, Washington Multifamily

Berkadia, Irvine, Calif., arranged sale and financing of La Costa at Dobson Ranch, a 194-unit garden-style multifamily property in Mesa, Ariz.

Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office secured the sale on behalf of the seller. The buyer was a private investor based in southern California; the deal closed May 30.

Managing Director Jackson Cloak of Berkadia’s Irvine office also secured nearly $22.16 million in financing for the property on behalf of the buyer. The seven-year fixed-rate Freddie Mac loan features a 65 percent loan-to-value ratio.

Built in 1979 and located at 1820 W. Lindner Ave., La Costa at Dobson Ranch features two-bedroom floor plans with washers and dryers, wood-style flooring and carpeting, gourmet kitchens and ceiling fans. Residents also enjoy community amenities such as an outdoor lounge, a seasonal heated pool and spa, a 24-hour fitness center and a coffee bar. The property also offers convenient access to Dobson Ranch Golf Course, Fiesta Mall, Mesa Community College and Banner Desert Medical Center.

“La Costa at Dobson Ranch, which has been largely renovated during the past three years, enjoys a strong master planned community setting in Mesa and presents an opportunity for the buyer who we helped secure new Agency debt,” Forrester said.

Berkadia also announced the $21 million sale of The 205 Apartments, a garden-style multifamily property in Shoreline, Wash. Senior Managing Director Kenny Dudunakis and Senior Directors David Sorensen and Ben Johnson of Berkadia’s Seattle office completed sale on behalf of the seller, Seattle-based Goodman Real Estate. The buyer was a private investor based in California; the deal closed May 31.
“In recent years, Shoreline has seen a significant increase in investor interest, and the fact that The 205 sits so close to future light rail stops should only make this property more desirable in the years to come,” Sorensen said.

Built in 2018, The 205 Apartments is located at 1795 NE 205th St. and features 72 units of studio and one-bedroom floor plans. The property features a fitness room, a community lounge and bike racks and storage. The 205 affords access to Ballinger Village Shopping Center, Lake Ballinger and two soon-to-be built LINK light rail stations.