MESA, AZ-Colliers International in Greater Phoenix has negotiated the sale of the 192-unit Lucera Apartments located at 2940 E. Broadway Road in Mesa, for $11.5 million, or approximately $59,895 per unit.
New City Financial Group of Vancouver, BC, purchased Lucera in an all-cash transaction. The seller was Principal Real Estate Investors. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team represented both the buyer and seller.
“New City Financial Group felt Lucera Apartments was a desirable asset to acquire, with its location in a dynamic area of Mesa that is seeing improvements in both rent and occupancy,” said Sherman. “Lucera also offers excellent visibility on Broadway Road, with proximity to employment centers, and is in great physical condition.” Occupancy at closing was 93%.
Built in 1986, Lucera is a two- and three-story community consisting of approximately 138,352 net rentable square feet in 11 buildings set on 6.94 acres. The unit mix includes 136 one-bedroom, one-bath and 56 two-bedroom, two-bath units, ranging in size from 530 to 892 square feet.
Community amenities include controlled access entries, a business center, clubhouse, fitness room, two swimming pools and a spa. There are 192 covered parking spaces, plus 138 open parking spaces. Apartments include washers and dryers, walk-in closets in select units, private patios, dishwashers and microwaves.
Hahn, Sherman and Koskovich specialize in the sale of multifamily investment real estate in the Southwest. Colliers HSK Multifamily is positioned within the marketplace as a service-intensive operation serving the private and institutional capital markets.
Principal Real Estate Investors manages or subadvises $46.5 billion in commercial real estate assets, and is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group.