Thomas Palmwood Terrace Apartments LLP took title to the 510 E. McKellips Rd. apartment community in Mesa in a transaction negotiated with property developer, Mesa Vista Apartments of Columbus, OH. Bill Hahn, with Sperry Van Ness in Phoenix, who along with co-broker Julie Vaughn negotiated the deal, tells GlobeSt.com that the 90%-occupied property was scooped up before it even hit the market by a fast-moving buyer looking for a smaller-sized apartment community with low maintenance costs.
"The buyer was looking for 100 units that was less than five years old and this fit his needs perfectly," said Hahn. Located near the Loop 202, the property features 16 one-bedroom, 64 two-bedroom and 40 three-bedroom units with rents ranging from $670 to $945 per month. Hahn represented the seller in the transaction while Vaughn handled negotiations for the buyer.
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