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Investors Capital Group Pays $48M for Phoenix Asset
Berkadia provided a $31.4 million Freddie Mac loan to the buyer of the 196-unit property in Gilbert, Ariz. Jan202021
Painted Trails
Investors Capital Group has acquired Painted Trails, a 196-unit community in Gilbert, Ariz. from RK Properties for $48.3 million, Yardi Matrix data shows. Berkadia backed the deal with a $31.4 million, 10-year Freddie Mac acquisition loan, according to public records.
The seller picked up the asset from Wasatch Premier Communities for $25.8 million in 2013. In early 2020, RK Properties closed on the disposition of two other Class A assets in the Phoenix area. The 144-unit Del Mar Apartments changed hands for $27 million, while the 160-unit Azure Creek at Tatum Ranch in Cave Creek, Ariz. traded for $36.3 million.