Chandler investor Vinnie Jain paid $725,000 for the 21-unit Dana East apartment complex, positioned at 1414 E. Dana Ave. in Phoenix. The 13-year-old development brought 95% of its listing price. Jain plans to use the 95%-occupied multifamily property as an investment. Todd Braun and Brett Polachek, both of the Phoenix office of CB Richard Ellis Inc., represented both sides of the deal.
The trust also sold the 28-unit Garden View Apartments in Mesa. A Chicago investor, satisfying a 1031 exchange, paid $1.3 million for the complex.
The Mesa apartment market contains 72 multifamily properties, boasting an average of 275 units per deed. The inventory comprises 12.3% of the metro Phoenix apartment market and represents the third largest submarket, beat out only by Phoenix proper and Scottsdale. Mesa's overall occupancy is 91%; average monthly rent is $650.
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