CBRE has completed the sale of Indian Springs Village, a 460-unit apartment community located at 1031 South Stewart Street in Mesa, Arizona. The property commanded a sale price of $29.8 million. The property was 94 percent occupied at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was MG Properties of San Diego, CA. The buyer was Del Mar, CA-based Stratford Partners Real Estate.
“Indian Springs Village offers an investor a unique opportunity. The property was available free and clear, allowing the buyer to take advantage of the current attractive lending environment,” said CBRE’s Tyler Anderson. “What’s more the property offers an excellent value-add opportunity as it features mostly original finishes and rents that are well below market rate. With the right upgrade program, the buyer should see significant return on investment.”
Developed in 1980, Indian Springs Village is considered a class B multifamily community. Located in the Fiesta District in a comfortable two-story, low-density setting, the community benefits from a strategic location with frontage on the highly trafficked north/south thoroughfare of Alma School Road. It is a mile north of the US 60 highway, and less than two miles east of the Loop 101 providing easy access to major employment corridors in Mesa, Tempe, Scottsdale, Chandler and Phoenix.