February 14, 2020
California-based Storm Properties acquired Del Mar, a 144-unit apartment complex on the western edge of Phoenix. The buyer paid seller RK Del Mar Apartments LLC $27 million for ownership rights to the property, which is at 8550 W. McDowell Rd.
Mark Forrester, Rick Holway and Dan Cheyne with Berkadia brokered the transaction between Storm Properties and the seller, which also hailed from California. “This Class A boutique-sized rental community is well situated to serve the significant and growing multifamily demand in the I-17, Loop 101 and Loop 202 corridors of Western suburban Phoenix,” Forrester said.
Del Mar delivered in 2008, and offers one, two- and three-bedroom unit floor plans. The community amenities include a swimming pool, clubhouse, business center high-speed internet access, picnic area and outdoor grilling station.
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