Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Village Green, a 112-unit apartment community in Mesa, Arizona. The sales price is $7.7 million.
“Village Green occupies a superior location within the southeast Valley, particularly with its walkability to the Fiesta District,” says Cliff David, senior managing director. “The Fiesta District represents a two-square-mile business destination featuring a skilled workforce of nearly 16,000 employees, and a redevelopment effort in recent years totaling nearly $435 million. This dynamic corridor provides the foundation for future property enhancements as the buyer positions itself to capture the young professionals migrating into the local economic landscape.”
David and Steve Gebing, senior managing director, represented the seller, 29th Street Capital, and procured the buyer, MLA Properties.
Developed in 1975, the property is located at 1045 South San Jose St. in Mesa. Situated on 3.16 acres and composed of studio, one- and two-bedroom floor plans, the apartment homes are complete with a fully equipped kitchen appliance package, spacious closets, and oversized windows inviting natural light.