of The Mark @ 87, a 92-unit multifamily community located in Mesa, AZ. Brad Goff, Executive Managing Director, Chris Canter, Director, and Ryan Ash, Senior Managing Director, represented the seller in the transaction.
The Mark @ 87 is strategically located within minutes of Downtown Mesa, as well as Downtown Tempe, provides convenient access to three Valley highways, is near Light Rail, is surrounded by retail and amenities, and in proximity to thousands of high paying jobs. “The buyer plans to complete the value-add program that was started by the previous owners in order to take advantage of the Southeast Valley’s strong resident demographics” said Chris Canter.
Constructed in 1970, the property offers a mix of studio, and one-bedroom unit types. Approximately 73 of the units have recently been renovated to include faux wood plank flooring, black kitchen appliances, updated lighting and plumbing fixtures. The community offers residents a refreshing swimming pool, barbecue and picnic areas, laundry facilities, a bark park for pets, and a courtyard area.
“The Southeast Valley is enjoying exponential job growth which is sustaining the interest in multifamily investments. This closing is another indicator of the area’s strong economic fundamentals,” said Canter.