676 Luxury Units, Eight Lakes Sell for $48.3M

MESA, AZ-A privately held investment and development firm has taken the deed to Lakeview at Superstition Springs, a 92-building, 676-unit luxury multifamily community, in a $48.3-million deal that marked the company’s first Arizona acquisition since 1997.

Nearon Enterprises of Danville, CA, took over the 40-acre gated community from Mesa 308 LLC, one of the property’s original developers, Ryan Freeman, a senior adviser with Sperry Van Ness Mullin, tells GlobeSt.com.

“I think it is going to be their crown jewel,” Freeman said of the purchase by Nearon, which currently owns and manages a three-million-sf portfolio of commercial properties, primarily in California, Colorado and Hawaii.

Situated amid eight lakes at 1849 South Power Rd., Lakeview at Superstition Springs features a mix of one-, two-, and three-bedroom units along with townhomes that rent for an average of $815 per month. The 94%-occupied property is located adjacent to the Superstition Springs Mall and other shopping and dining destinations with easy access to nearby US Highway 60 and the proposed Loop 202.

The luxury gated community also features four swimming pools and spas, two of which are heated, along with a basketball court, garages, covered parking, a business center and fitness facility.

Freeman said the property, which was on the market for about six months, sold quickly because of Sperry Van Ness Mullin’s policy of marketing the listing to the entire brokerage community. “Without this opportunity to showcase the property to all brokers,” said Freeman, “I would not have been as successful in locating a buyer during this timeframe.” Freeman and Neil Sherman, also of Sperry Van Ness Mullin, represented buyer and seller in the transaction.