Institutional Capital Heads to Mesa

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.

Cliff David and Steve Gebing, senior managing directors at Institutional Property Advisors, represented the seller and the buyer in the deal.