Suburban Phoenix Apartment Complex Purchased for $13.7 Million

Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announces the sale of Mesa Ridge, a 151-unit apartment complex in Mesa, Arizona. The $13,725,000 sales price equates to $90,894 per unit.

            “Completely remodeled in 2009, Mesa Ridge benefits from its equidistant location to the emerging Fiesta District and downtown Mesa,” says Cliff David, senior managing director in Marcus & Millichap’s Phoenix office. “New ownership is in an excellent position to unlock additional revenue by further enhancing this already substantially improved asset by continuing to install washers and dryers in apartment interiors.”

David and Steve Gebing, senior managing director, represented the seller, Mentor Properties. Brian Dircks of Nicolan procured the private capital buyer.

Located on nearly five-and-one-half acres on S. Country Club Drive, the apartment complex is one mile from downtown Mesa and two miles from the Fiesta District, a 1.15-square-mile business destination containing the second-largest employment concentration in Mesa. The Superstition Freeway, U.S. 60, and Mesa Community College are within approximately two and three miles, respectively.

Mesa Ridge features a balanced mix of one- and two-bedroom floor plans that have a weighted average unit size of 856 square feet. Unit interiors feature many amenities, including new kitchen and bathroom cabinets, and low-energy double-pane windows. The multitude of community amenities includes two swimming pools, two pergola and barbeque picnic areas and a large, remodeled standalone clubhouse.

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