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Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of Sanctuary at South Mountain, a 166-unit, horizontal Build-to-Rent (BTR) community in South Phoenix, Arizona. Senior Managing Directors Mark Forrester and Ric Holway, and Managing Directors Andrew Curtis and Dan Cheyne of Berkadia Phoenix, led the transaction on behalf of the seller, Arizona-based CRP/Brown 40th and Southern Owner, L.L.C.

Sanctuary at South Mountain sold for $48 million to San Diego-based Tower 16 Capital Partners on April 16. The sales price reflects a per-unit price of $289,157 or $262.00 per square foot.