MESA, Ariz., May 15, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Verde Dimora, a 153-unit multifamily asset in Mesa, Arizona. The sales price is $27 million, which equates to $176,470 per unit.
“Verde Dimora gives residents optimal access to the rapidly expanding professional landscape of northeast Mesa and is supported by strong demographics such as average annual household income of approximately $84,000. Furthermore, approximately 70% of area residents occupy white collar employment, tapping into the forward-thinking advancements made by the city of Mesa within their core industries of opportunity,” said Cliff David, IPA senior managing director.
David and Steve Gebing, IPA senior managing director, represented the seller, Western Wealth Capital, and procured the buyer, CVG Properties.
The community is located on the corner of Power Road and McKellips Road in Mesa, adjacent to Mesa Community College’s Red Mountain campus and within a one-mile radius of two Loop 202 onramps. The 5,100-acre Falcon District, the city’s high-tech hub for aerospace, aviation, and defense is three miles away and the Red Mountain Gateway and Superstition Springs Center shopping centers are also nearby. Two airports, Phoenix Sky Harbor International Airport and Phoenix-Mesa Gateway Airport are within 30 minutes of the community.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.