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MESA, AZ-A fund in Beverly Hills, CA, has re-entered the area market with the acquisition of the 224-unit Monterey Point Apartments for $20.5 million or $84,016 per unit from the Omaha-based Losier Group.

The buyer, Property Growth Fund, owned a commercial property in the Phoenix market 15 years ago and sold it to focus on Southern California real estate, according to Robert Chester of Realty Executives in Phoenix. "He sold that one out and now he's back in Phoenix," says Chester, who represented the buyer of the 1987-constructed complex on 10.31 acres at 510 S. Extension Rd.

Chester tells GlobeSt.com that, at this time, it's not certain if the buyer is in the market for more assets in the area. "He liked the design of the property, the layout and the location," the broker says, adding it didn't hurt that the complex had been built by Mark Taylor Inc., a Phoenix-based developer of luxury multifamily housing. But, the broker adds "he does plan to spend some more money to spruce it up a little more."

Chester says another positive aspect for the buyer was the size of the units, which are 749 sf for one-bedroom units and 1,040 sf for two-bedroom apartments. The 64 one-bedroom and 180 two-bedroom units were 97% occupied at the time of sale. Marc Huisken with Grubb & Ellis/BRE Commercial, LLC in Phoenix represented the seller.

Instant Insights /

SoCal Fund Spends $21M for Return Ticket to Metro's Multifamily Market

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