Out of state investors continue to gravitate to the Arizona commercial real estate market. Value-add properties have been in popular demand and for one Washington State buyer, his recent purchase of Coventry Square Apartments will be a great opportunity and great investment for his first time purchase.
The property is located at 1859 E. Broadway Road in Mesa, AZ. and sold for $1,356,000 cash. Coventry Square Apartments in located in a heavily traveled arterial. It is approximately two miles east of the historic downtown Mesa where tenants will be able to enjoy easy commute of the future metro light rail to all the shopping, dining, and entertainment in the area. The 13,860 square-foot property was owned by the seller for over twelve years. Owners Francisco & Gloria Magana could not refuse the cash purchase from Don & Melinda Nelson who is happy about their first time multifamily investment.
“The new owners will be happy with the value-add position. Once they make some renovations, the value of their property will increase making it even a better investment,” said SVN Advisor Danny Lee who represented the seller in the sale transaction.
The buyer saw an opportunity because the cost per unit was fairly reasonable for the demographics. These 1 and 2 bedroom units are also individually metered for electricity. Lee stated, “The buyer will reposition the complex with moderate renovations soon.” The sale transaction was handled by Security Title Agency.