Mesa Apartments Sell for $24.7 Million

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.