Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Stone Canyon, a 392-unit community in Mesa, Ariz. The $47 million sales price represents $120,000 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the buyer, O.R.R. Mesa 1 LLC. A competing firm represented the seller.
“The city of Mesa offers one of the most diverse business climates in Greater Phoenix, underscoring a strong economic trajectory led by health services,” says Gebing. “This distinction, coupled with meaningful population growth projections for the southeast Valley over the next five years, really highlights what’s compelling about Stone Canyon. Furthermore, the new owner may further enhance value through common area and amenity upgrades, as well as strategic interior renovations.”
Built in 2000 on 23.7 acres, the property is located off U.S. Route 60 at 5210 East Hampton Ave. in Mesa. The community is near employers such as Banner Gateway Hospital and Banner Baywood Hospital, the Boeing Co.’s Apache helicopter facility, and Grand Canyon University’s new, 10,000-student east Valley campus. In addition, two retail landmarks, Superstition Springs Center and Village Square at Dana Park, are within three miles of the subject property.
Stone Canyon’s floor plans range from 727 square feet to 1,146 square feet and feature nine-foot ceilings, built-in computer desks, plush carpeting and walk-in closets. Community amenities include two pools, a fitness center, a clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, a nine-hole putting green and mountain views.