Berkadia Negotiates Sale of $56.9M Cottage at McDowell Build-to-Rent Community in Avondale, Arizona

AVONDALE, ARIZ. — Berkadia has arranged the sale of Cottages at McDowell, a newly constructed, cottage-style build-to-rent community in the Phoenix suburb of Avondale. Arizona-based WS Avondale LLC sold the asset to Arizona-based CTAZ McDowell 117 LLC, an entity formed by Christopher Todd Capital, for $56.9 million, or $262,613 per unit.

Located at 1350 N. 117th Ave., Cottages at McDowell features 217 one- and two-bedroom units with 10-foot ceilings, private backyards, stainless steel appliances, walk-in closets and detached garages. The community offers two swimming pools and a fitness center.

Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix led the transaction on behalf of the seller.