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MESA, AZ-An Ohio-based investor has closed a $24.9-million purchase of the 300-unit Sandbridge apartments in Mesa. Its location within a planned business park as well as its proximity to a regional mall and recreational destinations made the deal especially fitting for the buyer.

“This was our best offer overall. It was equal to other offers in price, but we thought that the seller qualified as a well-performing owner,” Mark Forrester with Phoenix-based Hendricks & Partners, tells GlobeSt.com. Fairfield Residential of San Diego is the seller.

Located at 5332 E. Baseline Road in the Superstition Springs submarket, Sandbridge was developed in 2002 and features 300 units of class A multifamily space in three-story buildings. The 91%-leased mix contains one-, two- and three-bedroom units in eight floor plans. Units average 893 sf, with rents averaging $900 monthly.

Sandbridge sits within the Inverness Commons Business Park at the southeast corner of Superstition Freeway and Higley Road. CTA Ventura No. 15, a Dublin, OH investor with other commercial holdings in the Phoenix area, noted Sandbridge’s proximity to a major freeway interchange, the Superstition Springs Mall and several golf courses and other recreational activities as incentives for the chase. Forrester says the property was on the market about 60 days, receiving several offers before escrow began with CTA.

The buyer obtained a new loan with a life insurance company to help offset acquisition costs, Forrester adds. He and Bob Bruno of Hendricks & Partners negotiated the deal on behalf of seller of record, Fairfield Higley Road LP while the buyer relied on in-house representatives for the talks.

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