ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce
the $3,300,000 sale of Cabrillo Pointe, a 65 unit apartment that is located in Mesa, Ariz.
Cabrillo Pointe is a single-story community, built in 1960 and comprised of one and two bedroom
apartment homes with an average size of approximately 836SF. The property features stone accents,
built-up roofs and a well maintained interior courtyard area. The property is individually metered for
electricity and has individual hot water heaters.
Located in the heart of Mesa’s Healthcare and Bioscience Districts, Cabrillo Pointe is adjacent to
Banner University’s Mesa Corporate Center which features a state-of-the-art simulation education
training center. With its recent merger with University of Arizona Medical Centers, Banner is expanding
its employment base in the area which should see an additional 600+ jobs become available at its
Mesa Corporate Center. Other nearby medical and medical related companies include: Promise
Hospital’s 48-bed long-term acute care facility, as well as, Auer Precision’s bio-medical and medical
device manufacturing plant. Additionally, residents enjoy the property’s close proximity to downtown
Mesa, ASU’s Main Tempe Campus, Mesa Riverview, Tempe Marketplace and significant
transportation corridors such as, Beeline Highway, Loop 202 and Metro Light Rail extension.
The California-based Seller, Corzona Properties LLC, had owned Cabrillo Pointe Apartments since
2001. Throughout their ownership, the Seller concentrated heavily on maintaining a high level of
occupancy. They successfully rode out the downturn and the disposition comes at a time in which
the submarket has begun to blossom; in the previous year alone, the North Mesa submarket has seen
a 6.8% increase in rents.
The Phoenix based Buyer, HUB Realty, LLC, intends to capitalize on the strong foundation the Seller
built. HUB was attracted to the property’s upside in rents and the possibility of implementing RUBS. The
North Mesa submarket has average market rents of $664 and $754 for a one bed and two-bed/one
bath unit type, respectively; whereas Cabrillo Pointe has market rents of $595 and $725. The Buyer
closed the transaction with conventional bank financing at 70% LTV.
The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, John Kobierowski, Alon Shnitzer,
Rue Bax and Eddie Chang represented the Seller in this transaction.