Berkadia has sourced a capital partner for Encore Chandler, a 208-unit, class-A, multifamily development in Downtown Chandler between Dallas-based Encore Multi-Family and a Real Estate Investment Trust. Berkadia’s JV Equity & Structured Capital team led by Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick brought the publicly traded REIT as the $10.25 million equity partner for the development, located in the southeast suburb of Phoenix in a Qualified Opportunity Zone.
“We are thrilled to continue working with such an experienced firm like Encore. Their ability to source a well-located infill site coupled with their successful multifamily development track record in the Phoenix market made this opportunity very attractive for a variety of equity partners,” said Kirkpatrick.
“As a dominant player in the multifamily sector, Encore is pleased to expand its relationship with Berkadia to include equity placement,” said Charlie Keels, President of Encore Multi-Family. “We have enjoyed working with Berkadia and continue to appreciate the power of their relationships as well as consistency and quality of their work.”
Beginning construction in Q1 2021, the new development is the first multifamily project in Chandler since 2016 and will be located at 100 S Nevada Street, near Highway 202. One- and two-bedroom units will include private balconies, high-end finishes and designer-inspired interiors. Community amenities will feature a resort-style swimming pool and club area, media and game room, business center and a two-story fitness center. The project is located within walking distance of a variety of restaurants, shopping and banks.