The Utah State Retirement Investment Fund sold the 1055 W. Baseline Rd. property as part of its plans to march out of the Valley, Mark Forrester with Hendricks & Partners' Phoenix office tells GlobeSt.com. The Utah-based investment fund has two other Valley properties on the market.
The divesture of Waterford Place turned into an opportunity for Jonzan Baseline LLC, a Delaware limited liability company from San Francisco that outbid several other investors to pick up the class B complex just south of the Superstition Freeway in Mesa. "It was a property in good condition with wonderful amenities that should do well when the market rebounds here," Forrester says of the complex, a mix of one- and two-bedroom apartments that rent for $650 to $750 per month. The 1980s-era complex, renovated in 2003 by the previous owner, features a resort-style pool area with waterfalls, in-unit washer and dryer hookups and loft-style floor plans for two-bedroom units.
Forrester says several investors bid on the property during its eight months on the market, but the investment fund, which owned Waterford Place about eight years, waited to turn around the asset's operating numbers before accepting the buyer's offer. By that time, the renovation was done, occupancy increased to 90% and operating costs lowered.
Forrester and Bob Bruno, also in Hendricks' Phoenix office, negotiated on the buyer's half. Kent Nelson, with the firm's Salt Lake City office, steered talks for the seller.
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