Sterling Real Estate Expands Arizona Portfolio with Pennytree Apartment Acquisition in Mesa

MESA, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Pennytree Apartments, a multifamily property at 232 S. MacDonald in Mesa. Terms of the transaction were not released.

Built in the 1960s, Pennytree Apartments features 146 residences and is less than a mile from a number of eateries, breweries and local retail options in downtown Mesa.

Ric Holway, Dan Cheyne and Luke Donahue of Berkadia handled the transaction, which is Sterling Real Estate’s 10th transaction in metro Phoenix.