Berkadia announced today the sale of The Bungalows on Jomax, a garden-style multifamily property in Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, Senior Director Dan Cheyne and Director Andrew Curtis of Berkadia’s Phoenix office completed the $42 million sale on behalf of the seller, Arizona-based Bungalows on Jomax, LLC.
Managing Director Jeff Stuart of Berkadia’s Seattle office secured $25.2 million in permanent acquisition financing for the property on behalf of borrower, California-based Logan Capital Advisors (LCA). The deal closed on February 24.
“Situated adjacent to Interstate 17, on the doorstep to USAA’s Phoenix campus, close to over 30,000 jobs plus the services in and around Deer Valley Airpark, and not far from the Interstate 17 intersections of Loop 101 and Loop 303, The Bungalows on Jomax is strategically positioned to offer a high-quality lifestyle to residents seeking the attributes of a single-family home, but without the inflexibility and burden of home ownership,” said Forrester.
“The single-family build-to-rent product is a category that appeals to a wide spectrum of renters. From professionals looking for added privacy, to young families delaying home purchases, to mature renters who are downsizing – they all appreciate the single level floor plans and residential community feel. The Bungalows on Jomax is the best located and designed community of this type that we have seen in Phoenix,” noted Paul Runkle, LCA Partner and Director of Acquisitions.
Ruben Islas, LCA Founding Partner and CEO added, “These features make The Bungalows at Jomax the ideal first acquisition for our new syndication platform. We thank the Bungalows on Jomax principals for selecting us as the purchaser.”
The Bungalows on Jomax, which LCA is rebranding as The Logan at Jomax, is a 141-unit brand new horizontal, low density, single-family and build-for-rent (SFR) community located at 27441 N Black Canyon Highway in Phoenix. This SFR asset offers one-, two- and three-bedroom floor plans with stainless steel kitchen appliances,10-foot ceilings, oversized backyards, in-unit washers and dryers and walk-in closets. Community amenities include gated access, a swimming pool, a spacious “farmhouse” clubhouse complete with a fitness center, a leasing center, a community kitchen relaxation area with a fireplace, front and back porches and an indoor dog washing station. Residents are afforded convenient access to Happy Valley Towne Center’s multiple retail venues, Shops at Norterra and recreation areas.