CBRE has completed the sale of Stone Canyon, a 392-unit apartment complex located at 5210 E. Hampton Avenue in Mesa, Arizona. The multifamily asset sold for $47 million and was 95 percent leased at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the sellers, a group of tenant-in-common co-owners who were supported throughout their hold period and the sales process by National Asset Services, Inc. (NAS), a Los Angeles-based real estate asset management company. The buyer was Olen Residential Realty Corp. of Newport Beach, California.
Karen E. Kennedy, President of NAS commented, “We have worked diligently with the 33 co-owners to drive value on this fantastic investment property, and are delighted to see these co-owners realize their financial objectives at the sale.”
“The Stone Canyon apartments offer an excellent opportunity to purchase an institutional-quality asset well below replacement cost. The asset is located in a submarket that has no new multifamily construction underway with none planned,” said CBRE’s Anderson. “The property has been well maintained and the buyer is in an excellent position to capitalize on a submarket that is expected to post the strongest population growth metro-wide over the next five years.”
Stone Canyon located in the core of Mesa’s employment corridor. The property is surrounded by the largest employers in Mesa, including Banner Gateway Hospital, Banner Baywood Hospital and The Boeing Company, among others. Stone Canyon also offers excellent access to other major local and regional employment corridors throughout the southeast valley with immediate access to the US-60 via Higley Road.
Built in 2000, Stone Canyon features spacious, well-designed floor plans ranging in size from 727 to 1,146 square feet. Units feature nine-foot ceilings, built-in computer desks, walk-in closets, and personal balconies/patios. Community amenities include two resort-style pools, a fitness center, clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, nine-hole putting green, an outdoor water feature, mountain views and gated entrance.