Investors Trade PHX Properties Back and Forth, Deals Total $47M

Two investors traded apartment complexes in the Phoenix area, with the transaction totaling $47 million. When the dust had settled, Prado Revocable Living Trust had ownership rights to the 220-unit Sun Wood Apartments, a senior housing property in Sun City, while Western Wealth Capital added the 144-unit Cedar Meadows Apartments in Peoria to its portfolio.

“Sun Wood and Cedar Meadows were a dual transaction that included the parties selling assets to each other,” said Berkadia’s Ric Holway, who, with colleagues Mark Forrester and Dan Cheyne, negotiated the deals. “Sun Wood was the second leg of this dual transaction, where the seller of Cedar Meadows purchased (it) with 1031 exchange funds, with a long-term cash flow business plan.” Cedar Meadows represented a value-add play for Canadian buyer Western Wealth Capital, he added. Berkadia secured acquisition financing.

Sun Wood Apartments, at 9415 N. 99th Ave. and Cedar Meadows, at 8560 W. Peoria Ave., delivered in the 1980s.

Pictured: Sun Wood Apartments

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