Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A Mesa apartment complex has sold for more than $24.7 million, further evidence that the Valley’s apartment market is on the rebound.

Investors Management Trust Real Estate Group of Sherman Oaks, CA, purchased the Moorings at Mesa apartment community, a 406-unit complex at 1233 N. Mesa Drive. The $24.7 million sale price equates to a per-unit price of about $60,800.

The complex is nearly full. “The apartment market is recovering,” Tyler Anderson, an apartment broker in the local office of CB Richard Ellis, tells GlobeSt.com. “It’s has some development, and is now on the front side of a recovery. It’s a good time to buy.”

About 8,000 new apartment units have been built in the Valley during the past couple of years, creating a glut in some submarkets. But strong leasing has once again pushed the area’s overall vacancy factor down to a respectable 6.5%, and as low as 5% in some communities.

Mesa is the third largest city in Arizona. The Moorings was sold by Irvine, CA-based Archstrone Communities Trust. The local office of CB Richard Ellis handled the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.