Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of District Flats Off Dobson, a 112-unit apartment property in Mesa, Arizona.
The $18.2 million sales price equates to $162,500 per unit.
“The property benefits from its proximity to the resurgent Fiesta District, which has been the focus of a major revitalization effort by the city of Mesa,” said Cliff David, IPA executive managing director. “The area has a skilled and growing labor force attracted by jobs in healthcare and medical services, higher education, and business services. The location also nearly abuts the cities of Tempe and Chandler, applying upward rent pressure on this micro Mesa location as it drafts off those high-profile neighboring municipalities.” David and IPA executive managing director Steve Gebing represented the seller, Rise48 Equity and procured the buyer, a venture between The Souferian Group and ZMR Capital.
“We are thrilled to add District Flats to our portfolio,” said Behzad Souferian, founder and CEO of The Souferian Group. “Strong market fundamentals have made Phoenix a top priority for our investments and we look forward to announcing further expansion into this market as we actively pursue more projects.”
“Our attraction to the Greater Phoenix multifamily market is rooted in its strong economic fundamentals, and what we believe to be outsized revenue growth for the foreseeable future. This acquisition was the ideal entrance into one of the most desirable markets in the country,” added Zamir Kazi, CEO of ZMR Capital.
The property is walking distance to Banner Desert Medical Center and close to Mesa Community College and Arizona State University, three Valley Metro light rail stations, and Loop 101/Price Freeway and U.S. Route 60 access. Nearby employers include Esurance, Santander Consumer USA, National General Lender Services, Iveda, Bacus Foods Corp., and UTi Inventory Management Solutions Inc.
District Flats Off Dobson was built on approximately three acres in 1975. Amenities include a swimming pool, barbeque grills, laundry facility, tennis court and a pet play area.