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Institutional Capital Heads to Mesa

CVG Properties buys Verde Dimora, a 153-unit multifamily asset in Mesa, AZ, for $27 million.

CVG Properties has acquired Verde Dimora, a 153-unit multifamily asset in Mesa, AZ, for $27 million from Western Wealth Capital. The sales price translates to $176,470 per unit. The property is located at Power Road and McKellips Road in Mesa. It is adjacent to Mesa Community College’s Red Mountain campus and within a one-mile radius of two Loop 202 on ramps.

Mesa is located in the greater Phoenix market, which is experiencing tremendous growth and entry of new capital sources. This particular submarket benefits from strong demographics with an approximate annual household income of $84,000, with 70% of residents in white collar jobs.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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