MARCUS & MILLICHAP ARRANGES THE SALE OF A 76-UNIT APARTMENT BUILDING

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Candela Park, a 76-unit apartment property located in Mesa, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $5,925,000.

candela park

Cliff David, a Marcus & Millichap vice president investments, Steve Gebing, a senior director with Institutional Property Advisors, a division of Marcus & Millichap, and Trevor Hardy, a Marcus & Millichap associate, all located in the firm’s Phoenix office, handled the sale of behalf of the seller, Stratford Partners. NAB New Alpha Beta LLC, was the buyer in the transaction. Candela Park is located at 57 North Alma School Road in Mesa.

“Candela Park epitomizes contemporary apartment living in a fantastic infill Mesa location, offering large weighted average unit sizes of 919 square feet” says David. “Candela Park is also within a region that benefits from two evolving corridors; the Fiesta District and Downtown Mesa. The Fiesta District represents the second largest employment center in Mesa with approximately 16,000 employees, and Downtown Mesa now has the 3.1-mile Central Mesa extension of the Valley METRO Light Rail with a light rail stop within walking distance of the subject property” continues Gebing.

Each apartment home features fully appointed kitchens, inclusive of a frost-free refrigerator, electric range, dishwasher, and a full-size washer and dryer. The kitchen and bathroom cabinets have been repainted while the counters have been resurfaced and the bathroom sinks have been replaced. There is also wood-style vinyl flooring in the kitchen and bathrooms, brushed nickel hardware and lighting fixtures, an accent wall, and a private patio/balcony with enclosed storage capability. Community amenities consist of a swimming pool with resort-style furniture and a propane gas barbecue grilling station, a stand-alone renovated leasing office and clubhouse with kitchenette, and attached state-of-the-art fitness facility including cardio and weight training equipment. Residents also enjoy the benefit of covered parking and a dog run. Furthermore, approximately 70% of the property has new split system, energy efficient HVAC units, while the remaining 30% have undergone extensive servicing.

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