John Pietka, a private investor from Chicago, has shelled out slightly more than $1.1 million for the Red Mountain Apartments, located at 2610 N. Recker Rd. in north Mesa. The complex is sandwiched between the golf courses, Apache Wells Country Club and Painted Mountain Golf Club, and only about three miles south of the Tonto National Forest and Usery Mountain Recreation Area.
The Mesa area has been one of the softest for apartment demand in the past year. In 2000, the vacancy rate had been 6.8%, up from 6.6% in the prior year. At 2001's start, the Valley's overall vacancy rate had been riding at 6.6%.
Rents in Mesa also are below average in comparison to other areas of the Valley for apartments. The overall average rent is $668, while in Mesa it is $632. It rose just 2.5% during 2000, compared to a 3.4% Valleywide increase.
Vera Obradovic of Mesa had owned it for two years prior to selling it to Pietka. Broker Pete TeKampe of the Phoenix office of Marcus & Millichap had represented the principals in the transaction.
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