Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Whispering Meadows a 432-unit apartment property in Mesa. The $34.35 million sales price equates to nearly $80,000 per unit.
“The property is advantageously located within Mesa’s re-emerging business destination, the Fiesta District,” says Steve Gebing, IPA senior director. “The Fiesta District has received more than $435 million in redevelopment over the last several years and Whispering Meadows’ new ownership is well positioned to capitalize on the area’s growth by complementing enhancements to the property’s common area amenities with continued apartment interior renovations.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer.
Built in 1979 by A.G. Spanos Companies, the community is located at 1050 South Longmore in Mesa. Centrica, a new 116,982-square-foot office building that is part of the area’s revitalization, is contiguous to the community. Banner Desert Medical Center, Mesa Community College, Fiesta Mall, and Mesa Financial Plaza are nearby, as is access to the Superstition, Price and Red Mountain/Santan freeways.
Community amenities at Whispering Meadows include two resort-style swimming pools, a colorful clubhouse, a shaded dog park and a community playground. Select apartments feature new appliances, refinished cabinetry, wood-plank vinyl flooring, and modern track lighting in the kitchen and dining spaces.