Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-Indigo Acquisitions LLC of Pasadena, CA, a group of tenants in common, has purchased the Indigo Springs complex at 1464 Stapley Dr. in Mesa for $18.5 million. Multifamily product is proving to be this year’s hot ticket in metro Phoenix.

Built about three years ago, the 240 units were developed by its Phoenix seller, Indigo Springs LLC, an entity of Phoenix-based multifamily developer Gray Development. The first phase of the class A complex, which contains 176 units, was completed in 1999. The remaining 64 units delivered in 2000.

The seller’s representative, Mark Forrester of the Phoenix office of Hendricks & Partners tells GlobeSt.com that the property initially came to market about a year ago, but obviously failed to sell. Forrester saw the listing, identified a buyer and closed the deal. He has another multifamily sale crossing the closing table in the coming weeks, a testament to the product’s strength. Independent broker John Gates of Phoenix represented the Indigo Springs buyers.

Forrester wouldn’t speculate why Gray was selling the property other than to say it was stabilized and ready to sell. Indigo Springs’ occupancy was in the mid-90% at sale time.The complex is situated on the northwest corner of Stapley Drive and Superstition Freeway. It backs up to a municipal park and is across the street from about one million sf in retail and office properties.

The average monthly rent is $850 per unit for 900 sf, the average size unit. The design has nine-foot ceilings, washers and dryers and some include garages.

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?


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

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