sold

Mesa apartments near Falcon District sell

California-based OpenPath Investments purchased Green Leaf Vista, a 98-unit apartment complex in Mesa, from Green Leaf Partners for an undisclosed amount, according to brokerage firm Marcus & Millichap who represented the sellers.

The property is located at 3443 E. University Dr. in Mesa, four miles from the Falcon District, a 5,100-acre area composed of more than 10 office and industrial parks. The property was built in 1985, featuring contemporary studio, one- and two-bedroom floor plans.

The property was recently renovated to include new wood-style vinyl flooring, accent walls, updated lighting fixtures and 42-inch wall-mounted flat-screen televisions.

David and Steve Gebing, senior director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, represented the seller, Green Leaf Partners, and procured the buyer, OpenPath Investments.

“The space the property occupies within the competitive landscape of the submarket, and the resident response to the first round of interior improvements make this asset a prime candidate for further value-enhancement upgrades,” David said.

POSTED: . TAGS: , , , ,
AZRE

About AZRE

Pulling together the multiple facets of the commercial real estate industry in Arizona, AZRE: Arizona Commercial Real Estate Magazine reaches out to the largest local and national commercial real estate audience within the Grand Canyon State and beyond. AZRE covers up-to-date happenings within commercial development, brokerage, construction, investment, finance, architecture, property management, real estate law and more as it relates to Arizona. Additionally, AZRE is an active voice within the commercial industry, partnering with such organizations as NAIOP, ABA, ICSC AZ, AIA AZ and Valley Partnership.