The 92-unit apartment complex was sold by Brittany Place Partners LLC of Malibu, CA. Karl Abert and Peter Katz of the Phoenix office of Marcus & Millichap represented the seller. Pete Te Kampe of the same office represented Woodleaf in the transaction.
The Mesa area multifamily market had a first quarter vacancy of 9.8% with average rents at $657 per unit per month. This compares to a Phoenix MSA average vacancy of 8.8% and average rents of $690 per unit per month. According to a report by Hendricks & Partners, Mesa added 287 units to its multifamily stock in the first quarter of 2002. The report expects Mesa to gain new jobs and consequently multifamily market growth from the $90-million downtown Mesa arts center currently under construction.
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