ARA, A Newmark Company (ARA Newmark) announces the $31,050,000 sale of Tierra del Sol, a 276-unit multifamily community located in Mesa, AZ. Brad Goff, Executive Managing Director and Chris Canter, Director, represented the seller in the transaction.
“The Southeast Valley is enjoying tremendous job growth which is fueling the interest in multifamily investments, and this closing is another significant indicator of the area’s strong economic fundamentals,” said Brad Goff.
Constructed in 1985, Tierra del Sol offers a mix of one and two-bedroom unit types with washer and dryer in every unit, a fireplace (select units), built-in bookshelves, and kitchen pantry (select units). Community amenities include two swimming pools with jacuzzi, a community clubhouse with fireplace and kitchen, tennis court, fitness center and children’s playground.
“Tierra del Sol’s strategic location, with immediate freeway access and proximity to thousands of high paying jobs, drove investor demand, particularly with its opportunity for renovation and upside in rents. The buyer plans a significant value add program to take advantage to the Southeast Valley’s strong resident demographics” said Goff.