Berkadia today announced the recent sale of La Costa at Dobson Ranch, a multifamily property located in Mesa, Arizona. The $19.5 million sale was completed on March 15, reflecting a $100,515 per-unit price. Senior Managing Director Mark Forrester, Managing Director Ric Holway and Vice President Dan Cheyne of the Phoenix office all helped to facilitate the sale.
The seller, Optimus La Costa LP of Scottsdale, Arizona, had reached the end of the property’s holding period. The buyer, Virtu Investments, LLC, of Larkspur, California, has plans to renovate the building’s interior and exterior.
“La Costa at Dobson Ranch is an attractive investment in terms of both asset and market quality,” said Forrester. “This sale compares well with others in the greater Mesa sub-market.”
Built in 1979, the 194-unit property includes two-bedroom, two-bathroom floor plans with dishwashers, refrigerators, balconies or patios, cable and internet access, stackable washers and dryers and custom cabinetry in select units. Community amenities include a heated swimming pool, spa, fitness center, clubhouse with a business center and WiFi, barbecue grills and covered parking.
La Costa at Dobson Ranch is located at 1820 W. Lindner Ave., near U.S. Route 60 and Arizona State Route 101, less than two miles from Dobson Ranch Golf Course and under nine miles from downtown Tempe. Top employers in the area include Arizona State University, Banner Desert Medical Center, Isola Group, the City of Tempe and Mesa Community College.
Vacancy in the Phoenix multifamily market lowered 30 basis points to 5.6 percent in 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.