Investor Bruce Fitzgerald, based in Alameda, CA, heads up the buying entity of the complex at 501 N. 64th Place. Salt Lake City-based Titan Properties Ltd. has reaped $45,400 per unit in the transaction. The purchase price was slightly below the past year's average apartment selling price of slightly more than $48,700 per unit. Broker Gloria Tirone of the Phoenix office of Coldwell Banker Commercial and Rocky Banovac of Pac West Properties' Phoenix office negotiated the sale.
The 64th Place Apartments are northwest of University Drive and Power Road. The Superstition Freeway is approximately three miles to the south. Superstition Springs Center, a regional mall, is located two miles south of the complex.
Vacancies in Mesa rose slightly in the past year, going from 6.6% to 6.8%, in comparison to the Valley average of 6.6%. Mesa apartments rent, on average, for $632 per month.
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