MESA, AZ-A Utah investor takes less than the market average for his 48-unit apartment complex in Mesa. The sale price is a little above $2 million, or $42,700 per unit, in a market and age group that pulls $56,073 per unit, according to Marcus & Millichap’s Phoenix research team.
The buyer of Cypress Commons Condominiums is the Poling Family Trust, headed by Marty Poling of Thousand Oaks, CA. Doug Fielding of the Phoenix office of Marcus & Millichap represented buyer and seller, David Sanchez of Bountiful, in the transaction.
The 15-year-old holding is located west of Country Club Drive, between University Drive and Brown Road. Nearby amenities and major facilities include Mesa Lutheran Hospital, Mesa Country Club and Hohokam Park, where thousands of Cubs’ fans flock to for spring training games.
The Mesa area is one of the Valley’s more stable apartment markets, with a vacancy rate of 7.8%, up just one tenth of a point from a year ago. The average rent in Mesa is $652 per month in comparison to the Valley average of $685.