Bing Properties Inc. of Tempe picked up the Newport Mesa Apartments, a garden-style two-story complex at 1620 W. Southern Ave. in Mesa, in a $6.5-million deal with seller Newport-Mesa LLC and Fox Family LLC of Overland Park, KS. Bert Kempfert of CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that the property's strong location across the street from both Mesa Community College and Mesa's Fiesta Mall, brought in several interested buyers during its six months on the market, but it was an offer of about $30,000 below the asking price that sealed the deal.
The frame and stucco complex, which rents for an average of $580 per month, is comprised of studio, one- and two-bedroom floor plans with amenities that include two pools, covered parking, laundry facilities and a clubhouse. Recently renovated by the seller in 1999, the property had little deferred maintenance and a highly visible location on Southern Avenue near both US Highway 60 and the Loop 101, making it an attractive and convenient rental, Kempfert said.
Kempfert, who represented the sellers in the transaction, also assisted Newport-Mesa LLC and Fox Family LLC when the investors bought the property in September 1999. Bing Properties was assisted in the sale by Jim Kasten from Re-Max Commercial Investments in Scottsdale.
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