Lakeview Apartments, situated at 1849 S. Power Rd., is the sole asset of Mesa 306 LLC, set up by an unidentified Las Vegas developer. Ryan L. Freeman of the Phoenix office of Sperry Van Ness Mullin tells GlobeSt.com that the owner is selling so he can reallocate proceeds into his Las Vegas investments.
The class A, 94%-occuped Lakeview Apartments was developed in three phases, running from 1995 through 1998. The complex is positioned on nearly 40 acres and right across the road from Superstition Springs Mall. From an investment standpoint, the average rent is $815 per month, according to Freeman.
With 72 properties, Mesa is the third largest multifamily market in the Phoenix MSA. Phoenix proper has 259 properties and Scottsdale, 74 complexes. Mesa's properties have an average of 275 units per development, for a total of 19,823 in the city limits. The submarket's occupancy 90.6%, with rent fetching $650 per month on the average.
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