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Newly-Built Garden-Style Phoenix MF Goes for Nearly $35M
Elux at Tramonto, a 138-unit garden-style multifamily property in Phoenix, traded hands for $34.7 million. Scottsdale-based Snowdon Partners divested to property to Lodi, CA-based RPM Company.
Berkadia’s Ric Holway, Mark Forrester and Dan Cheyne represented the seller. Berkadia’s David Bleiweiss secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60% LTV and a 30-year amortization.
Forrester says, “Elux at Tramonto is a newly-built, for-rent, low-density, horizontal community, a niche of the Metro Phoenix multifamily market increasingly desired by many renters.”
The community features one-, two- and three-bedroom floor plans with patios or backyards, stainless steel appliances, in-unit washers and dryers and high-tech amenities. The community has a swimming pool and spa, a select number of detached garages, clubhouse and fitness center.
The property at 35035 N. North Valley Parkway is within the Tramonto master planned community along North Valley Parkway, Interstate 17 and Route 74.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Sale/Acquisition

