Sun Crest Apartments | 111 North Mesa Drive, Mesa, AZ 85203 | 94 Units | $10,600,000 | $112,766 Per Unit | $123.08 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – November 20, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $10,600,000 / $112,766 per Unit / $123.08 per SF sale of Sun Crest Apartments in Mesa, Ariz.
Developed in two phases — 52 units in 1964 and 42 units in 1985 — Sun Crest is comprised of a total of 94 garden-style units in the rapidly evolving Northwest Mesa submarket. The community is across the street from the recently renovated Pioneer Park and sits within convenient walking distance of the Church of Jesus Christ of Latter Day Saints Tempe and surrounding Temple District, both of which are undergoing renovations worth a combined estimated total of up to $100 Million.
The property features an attractive unit mix of one-, two-, and three-bedroom offerings, with an average size of more than 900 SF. Common amenities include two pools, two onsite laundry facilities, both tuck under and covered parking, a courtyard with pergolas, shade sails and barbecues. A Valley Metro Light Rail station lies approximately 100 yards to the southwest.
ABI Multifamily Partner Eddie Chang and Senior Managing Partner Alon Shnitzer, along with Senior Managing Partners John Kobierowski and Rue Bax, and Partner Doug Lazovick represented both parties in the transaction.
"The area’s Opportunity Zone designation has created a surge of development activity in Downtown Mesa, and the Buyers are thrilled to be part of the resurgence,” Chang said. “Being within walking distance to light rail and the incoming Arizona State University campus, they see this as a perfect fit for their investment model and plan to invest substantially in the community."
Shnitzer added, "Finding a property around 100 units can be challenging in the Phoenix market. Most are 30 and under or 150 units and up. This is a highly sought-after property size. The sellers made a fantastic purchase of this property in 2013, and I was thrilled to be a part of that success as well."
The buyer, WhiteHaven Capital, is an Arizona-based privately held real estate investment firm. This is WhiteHaven's fourth acquisition in Phoenix this year. The Seller is a private investment firm based in California.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.