Berkadia today announced the recent sale of Valencia Crossing, a multifamily property located in Mesa, Arizona. The $27.25 million sale – completed on April 8 – reflected a per-unit price of $68,640. Senior Managing Director Mark Forrester, Managing Director Ric Holway, Vice President Dan Cheyne and Associate Tom Wolff of the Phoenix office helped facilitate the sale.
The seller was Bridge Investment Group of Salt Lake City, Utah. The buyer, Janet LePage, of Vancouver, British Columbia, has plans to renovate unit interiors through upgrading appliances, such as adding washers and dryers.
“Valencia Crossing is an attractive investment with strong value-add potential,” said Forrester. “In addition to planned improvements to the property’s already desirable amenity package, completion of the nearby light rail station in 2018 will further boost renter demand.”
Built in 1984, the 397-unit property includes one- and two-bedroom floor plans with standard amenities such as air conditioning, dishwashers, and kitchen appliances. Select units also include walk-in closets. Community amenities include a clubhouse with kitchen and wet bar, fitness center, pool and spa, tennis, basketball, volleyball and racquetball courts, horseshoe pit, laundry facilities, shuffleboard and a car care area.
Valencia Crossing is located at 111 N. Gilbert Road, near U.S. Route 60 and Loop 202. It is less than five miles from Hohokam Stadium, spring training home of Major League Baseball’s Oakland Athletics and Mesa Riverview Shopping Mall. Top employers in the area include city and state offices, Empire Southwest and Otto Trucking.
Vacancy in the Phoenix multifamily market lowered 30 basis points over the course of 2015, reaching to 5.6 percent by December 2015. During this time, metro-wide asking rents advanced 6.2 percent annually to $914 per month, up from 4.9 percent growth in 2014.