Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Country Club Verandas, a 348-unit multifamily asset in Mesa, Arizona. The property sold for $49.6 million, or $142,529 per unit.
“Country Club Verandas is well-positioned to benefit from Downtown Mesa’s ongoing revitalization,” commented Steve Gebing, IPA senior managing director. “The property is easily accessible from the numerous development projects underway in in the city, including the Union at Riverview office development and Arizona State University’s ASU at Mesa City Center project.” Gebing and Cliff David, IPA senior managing director, represented the seller, Weidner Apartment Homes, and procured the buyer, Bridge Investment Group.
Constructed in 1985 on 13 acres, the property occupies 528 linear feet of frontage along Country Club Drive, Mesa’s main north-south thoroughfare.