Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Tierra Del Sol, a 276-unit apartment property in Mesa, Arizona.
“The cities of Mesa, Gilbert and Chandler are characterized by consistently strong demographics, award-winning amenities, and transformational growth opportunities,” said Steve Gebing, IPA executive managing director. “All three embrace the goal of developing the Southeast Valley into a professional powerhouse and preferred lifestyle destination.” Gebing and Cliff David, IPA executive managing director, represented the seller, Bridge Investment Group and procured the buyer. “The ability of these cities to attract high-earning residents helps fuel Tierra Del Sol’s long-term profitability potential,” added David.
The property’s location at the intersection of the U.S. 60/Superstition Freeway and Extension Road gives residents convenient access to the Mesa Fiesta District, Uptown Chandler, and Northwest Gilbert employment corridors, which together make up one of Arizona’s densest employment regions. Shopping is nearby at the Stapley Marketplace, Mesa Grand Shopping Center, and Village Square at Dana Park.
Tierra Del Sol was constructed in 1985 on 13 acres. The average unit size is 942 square feet. Exterior amenities include two resort-style swimming pools and spas, a soccer field, putting green, and dog park.