Bayside, a 176-unit North Phoenix multifamily property was sold to ICG LLC for $46 million. Berkadia’s Dan Cheyne led the transaction on behalf of the seller, California-based MIG Real Estate, LLC. A Berkadia team secured $27.7 million in acquisition financing from Freddie Mac for this purchase.
Cheyne commented that Bayside presented an opportunity to acquire a Class A garden-style community with substantial capital infusion of $4.2 million dollars and its location is anticipated to continue its growth due to investments ($40 billion) propelled by the future Taiwan Semiconductor Manufacturing Facility (TSMC).
Situated in Deer Valley submarket, Bayside offers residents immediate access to employment centers and retail amenities in North Phoenix including more than 140,000 jobs at Fortune 500 companies like USAA , Cigna, Discover Financial Services Honeywell and American Express located within I-17/Deer Valley employment corridor . This post N Phoenix Rental Community Fetches 46M highlights how this investment has been successful despite current market conditions .
