Investors Management Trust Real Estate Group of Sherman Oaks,CA, purchased the Moorings at Mesa apartment community, a 406-unitcomplex at 1233 N. Mesa Drive. The $24.7 million sale price equatesto a per-unit price of about $60,800.
The complex is nearly full. "The apartment market isrecovering," Tyler Anderson, an apartment broker in the localoffice of CB Richard Ellis, tells GlobeSt.com. "It's has somedevelopment, and is now on the front side of a recovery. It's agood time to buy."
About 8,000 new apartment units have been built in the Valleyduring the past couple of years, creating a glut in somesubmarkets. But strong leasing has once again pushed the area'soverall vacancy factor down to a respectable 6.5%, and as low as 5%in some communities.
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