Suburban Phoenix Apartment Community Changes Hands

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Green Leaf Vista, a 98-unit apartment community in Mesa, Ariz.

Green Leaf Vista

“Green Leaf Vista is a picturesque apartment community that has received a round of interior renovations and is poised for further repositioning,” says Cliff David, a senior director of Marcus & Millichap’s Multi Housing Group in Phoenix. “The space the property occupies within the competitive landscape of the submarket, and the resident response to the first round of interior improvements make this asset a prime candidate for further value-enhancement upgrades.”

David and Steve Gebing, senior director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, represented the seller, Green Leaf Partners, and procured the buyer, OpenPath Investments.

Developed in 1985 by Kennedy & Noel, the property is located at 3443 East University Drive in Mesa, four miles from the Falcon District, a 5,100-acre area composed of more than 10 office and industrial parks. Banner Gateway Medical Center’s 60-acre campus is five miles away and the 310,000-square-foot urban lifestyle retail center, Village Square at Dana Park, is nearby.

Green Leaf Vista’s common area amenities include a resort-inspired swimming pool and spa with cabana-style seating and misters, and a stand-alone clubhouse with leasing center and entertainment lounge. The contemporary studio, one- and two-bedroom floor plans feature unique angles and over-sized living spaces. Recently renovated apartment homes include new wood-style vinyl flooring, accent walls, updated lighting fixtures and 42-inch wall-mounted flat-screen televisions.

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