Nov. 22, 2013- Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Albany Apartments a 98-unit property located at 5801 East Albany Street in Mesa, AZ, according to Don Morrow, regional manager of the firm’s Phoenix office.
The asset was sold for $4,100,000 by Doug Fielding, an investment specialist in Marcus & Millichap’s Phoenix office, who exclusively represented the Seller, and also procured the buyer, who was a foreign entity. This apartment project was constructed in 1971and offers large unit sizes. The mix features large units consisting of 44 one bedroom and 54 two bedroom units, and was fully occupied at the time of sale. The property features single-story masonry construction, mission tile roofs, and 135 covered parking stalls. This multi-family independent living facility is located in a premier senior housing (55+) active adult area, strategically located in a desirable well-established neighborhood across from Dreamland Villa Golf Course (Farnsworth Golf Company) in east Mesa, Arizona. This attractive area offers community members a diversity of recreation and leisure-time amenities.