KMG Properties LLC purchased the 11-building, class B complex at 1050 W. 8th Ave. from Cranford, NJ-based, Falkin/Platnick Realty Group. Julie Vaughn and Kevin Hanford with Sperry Van Ness' Phoenix office represented the seller. Vaughn also represented KMG Properties LLC.
Vaughn tells GlobeSt.com that KMG Properties did a reverse 1031 Exchange to purchase Village in the Pines. The investor is selling out of a multifamily property in San Diego. "This is KMG's first acquisition in the Valley," she says, adding that the sale of Village in the Pines allows Falkin/Platnick Realty Group to exit the market. Built in 1986, the 92%-occupied development has two-bedroom, two-bathroom units of 960 sf. All units are individually metered with monthly rents ranging from $679 to $705.
Village in the Pines is positioned on 8.8 acres with easy access to Loops 101 and 202 as well as Interstate 60, Vaughn says. It is near Fiesta Mall, Mesa Community College and Desert Banner Medical Center. The property was one of the first participants in Mesa's Crime Free Multi-Housing Program, which unites law enforcement, property managers and residents.
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