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Phoenix & Southwest   /   May 3, 2021

Lisa Brown
By: Lisa Brown

Value-Add Pennytree and Sunnybrook Multifamily Assets Sell for $31M

Two value-add opportunities in downtown Mesa, the garden-style multifamily assets of Pennytree and Sunnybrook, recently sold for $31.3 million in combined sales. Pennytree’s buyer was Arizona-based Sterling Real Estate Partners and Sunnybrook’s buyer was Arizona-based ZH Multifamily.

Sunnybrook is located at 138 W 1st St. The 103-unit property features studio, one- and two-bedroom floor plans.

Pennytree is a 146-unit property located at 232 S. MacDonald.

Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix completed the transactions on behalf of the respective sellers.

“Sunnybrook and Pennytree are both dynamic downtown Mesa apartment communities with strong value-add opportunities,” said Cheyne. “Both sites provide walkable access to downtown Mesa attractions including the new ASU @ Mesa City Center Campus and the metro light rail along with over 30 lifestyle and entertainment venues.”

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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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