Fiesta Park Apartments at 1033 S. Longmore Rd. has been sold for $20 million. A California-based real estate company acquired the property to expand its portfolio of apartment communities in the Phoenix area.
The property consists of 10, three-story apartment buildings that contain 320 units totaling 234,696 square feet. Situated on 8.8 acres of land, the community was constructed in 1979 and was 93 percent leased at the time of the sale. Fiesta Park offers sizable one and two-bedroom apartments with the largest unit exceeding 1,000 square feet. The property features covered parking, a clubhouse and a kid’s playground.
“The Fiesta Park property offered a very well located opportunity within the dynamic East Valley submarket,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “Employment in the Tempe/Mesa/Chandler area has grown substantially in recent years and is forecast to continue expanding. Vacancies in multifamily are low and rental rates are rising, which offers great upside potential for a property like Fiesta Park,”
Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix represented the seller, Los Angeles-based private equity company BH Properties. The buyer was INCO Real Estate Company of Long Beach, CA. Mark Forrester and Ric Holway of Berkadia-Phoenix represented the buyer.
Fiesta Park Apartments is located near Alma School Road, north of Southern Avenue. The Superstition Freeway is situated less than a half-mile from the community. Mesa is the third largest city in Arizona, boasting a population nearing 460,000 and a labor force of 300,000 people.