Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20 million. A California real estate company has acquired the property to expand its portfolio of apartment communities in the Greater Phoenix area.
“The Fiesta Park property offered a very well located opportunity within the dynamic East Valley submarket,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “Employment in the Tempe/Mesa/Chandler area has grown substantially in recent years and is forecast to continue expanding. Vacancies in multifamily are low and rental rates are rising, which offers great upside potential for a property like Fiesta Park,”
Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, Los Angeles-based private equity company BH Properties. The buyer was INCO Real Estate Company of Long Beach, CA. Mark Forrester and Ric Holway of Berkadia-Phoenix represented the buyer.
Fiesta Park Apartments is located near Alma School Road, north of Southern Avenue. The Superstition Freeway is situated less than a half-mile from the community. Mesa is the third largest city in Arizona, boasting a population nearing 460,000 and a labor force of 300,000 people.
The property consists of 10, three-story apartment buildings that contain 320 units totalling 234,696 square feet. Situated on 8.8 acres of land, the community was constructed in 1979 and was 93% leased at the time of the sale. Fiesta Park offers sizable one and two-bedroom apartments with the largest unit exceeding 1,000 square feet. The property features covered parking, a clubhouse and a kid’s playground.