MESA, AZ-A California company has beat out more than a dozen hopefuls to lay claim to the 224-unit Windemere Apartments. The buyer has paid $22.45 million to ERP Operating LP for the class B complex.
Grubb & Ellis/BRE Commercial LLC senior vice president David Fogler says Acacia Capital Corp. managed to win the deal for the complex at 2020 E. Inverness Ave. because of its market familiarity and comfort with the product type. "Their timing was better and they were competitive on price," adds Fogler, who partnered with Grubb & Ellis senior vice president Steven Nicoluzakis to sell the asset. The buyer was self-represented.
Fogler says the Chicago-based seller, which is operated by Equity Residential Properties Trust, didn't indicate the reason for putting the 96%-occupied Windemere on the market. The seller also has three other multifamily assets on the market with other local brokers.
The 20-year-old Windemere Apartments has one- and two-bedroom units. The 694-sf one-bedroom apartments rent for $680 per month and the 982-sf two-bedroom units bring in $825 per month apiece.
Fogler tells GlobeSt.com that he isn't certain if the San Mateo, CA-based Acacia will upgrade the complex, but historically that's been the play plus it would be a way to leverage the location. "This is at the intersection of US 60 and Gilbert Road so it has a large amount of exposure to a lot of cars," he says. "Basically, it has really good exposure and really good access to a broad variety of retail, office and major employment sources."
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