Value-Add Multi-Housing Asset Sold by IPA in Phoenix
MESA, Ariz., Aug. 17, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of Sonoma Villas, a 265-unit multifamily asset in Mesa, Arizona. The $22.4 million sales price equates to $84,528 per unit.
“Constructed in 1980, Sonoma Villas provides new ownership with the opportunity to implement next-level improvements by enhancing the leasing space and clubhouse and making strategic improvements to the common area amenities and apartment interiors,” says Cliff David senior managing director.
David and Steve Gebing, senior managing director, represented the seller, a joint venture between Mentor Properties and ReNUE Properties. The Jones Group procured the buyer, a joint venture between Henley USA and Modern Residential Company.
The property is located at 1800 E Covina St., approximately three miles from downtown Mesa, and six miles from the Falcon District, a high-tech hub for the area’s aerospace and aviation, defense, and advanced manufacturing and business services industries.
Sonoma Villas features single-story architecture with a low-density design at less than 14 units per acre.