A multifamily community designed with a low-density site layout, including single-level and townhome apartment homes, was a selling point in a recent acquisition. That property is The Tides on 5th, a 197-unit garden-style multifamily property located in Tempe. It recently sold for $39 million to L5 Odyssey Real Estate Investments.
Dan Cheyne, Ric Holway and Mark Forrester of Berkadia’s Phoenix office completed the sale on behalf of the seller, California-based Tides Equities. The buyer was also based in California. Laura Cathlina of Berkadia’s Chicago office secured the acquisition financing through Fannie Mae on behalf of the buyer. The 10-year loan features full-term interest only.
“Berkadia’s use of Fannie Mae’s streamlined early rate execution allowed the buyer to lock in a sub-3 percent interest rate weeks before closing,” said Cathlina. “It provided them certainty that their financing was in place so they could focus on closing.”
Located at 805 W. Brown St., The Tides on 5th features studio, one- and two-bedroom floor plans. The community has access to Tempe Beach Park and Arizona State University.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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