Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MESA, AZ-A California limited partnership has dropped about $3.1 million for the Brittany Place Apartments in Mesa, spending $25,000 less than the original asking price for a 92-unit complex with 11 vacancies.

In a deal with Woodleaf LLC of Phoenix, Osmena Britany LP from Palos Verdes Estates took over the 708 N. Country Club Dr. complex with plans to improve its ailing vacancy rate and rehab about 30 units that remain to be renovated, Michelle Watson with Marcus & Millichap tells GlobeSt.com.

“They saw its potential,” Watson said of the master-metered complex along Country Club Drive near Main Street. “It was a nice, clean property that they were able to jump into as out-of-state investors and have a nice investment.”

The class B complex features a mix of studio and one bedroom apartments with on-site laundry facilities and a swimming pool. Watson, along with Pete TeKampe, also with Marcus & Millichap, represented both parties in the transaction.

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?


GlobeSt. APARTMENTS Fall 2021Event

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.