Midtown on Main Street Apartments, a 472-unit, transit-oriented, class-B multifamily complex in Mesa, sold for $137 million, according to the commercial real estate tracking website Vizzda. The price breaks down to $290,254.24 per unit.
The buyer was Kohlberg Kravis Roberts & Co (KKR & Co). The seller was Tides Equities. The deal closed on Nov. 29.
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The community is located at 2121 W. Main St., Mesa.
Built in 1985, Midtown on Main is a garden-style community with 42 three-story buildings on 18.5 acres. Within 391,178 square feet of total living space, the unit mix is 186 one bed/one bath units (730 sf), and 286 two bed/two bath units (893 sf).
This gated community’s amenities include a 10,000-square-foot recreation facility with indoor basketball and racquetball courts, three swimming pools, sand volleyball court, covered children’s’ play area, covered parking, and beautifully landscaped grounds with gas barbecue facilities throughout.
Midtown on Main is southeast of the Loop 101 and 202 interchange, and west of Dobson Road. The apartment community is located directly on the Metro Light Rail line that connects Mesa to Tempe, Sky Harbor International Airport, and Metro Phoenix.
