Andrew Geller purchased the fully leased, class C complex at 633 W. First Ave. in downtown Mesa from David Winston of Los Angeles. Geller, planning a minor rehab before hiking rents, has picked up a 1970s-era asset with monthly rates running 5% to 10% below market, Kathy Peary, member of Hendricks & Partners' Phoenix office, tells GlobeSt.com. She teamed with Hendricks' John Kobierowski and Greg Thielen to broker the sale.
The First Avenue complex is positioned near the crux of the city's downtown revitalization efforts. According to Peary, there were two offers that rolled in during the two-month marketing period. The Dallas-based BMC Capital LP's Phoenix office arranged financing at a 74% loan-to-cost ratio, according to Peary.
The complex consists of eight one-bedroom units, with 650 sf, and 44 two-bedroom apartments, each 700 sf. One-bedroom apartments rent from $430 to $450 per month; two-bedrooms are getting $515 to $545 per month.
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