Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Riverview Place, a 155-unit multifamily property located in Mesa, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $14,500,000.
Cliff David, senior managing director in Marcus & Millichap’s Phoenix office, alongside Steve Gebing, senior managing director of Marcus & Millichap’s Institutional Property Advisors (IPA) division, had the exclusive listing to market the property on behalf of the private seller. The buyer, Tides Equities, was also secured by David and Gebing.
“Riverview Place provided an opportunity to acquire an asset that had been conscientiously improved, but yet featured a significant value-add component available in advancing the unit interior renovations. This coupled with the asset’s unit count, strategic Tempe-adjacent location, and regional convenience combined for a highly desirable multifamily investment offering,” says David.
“Several employment nodes are also within direct reach,” continues David. The Fiesta District, North Tempe and downtown Mesa are all within two miles of the community, collectively featuring nearly 40 million square feet of office, industrial and flex space.”
One of the anchors to the Fiesta District is Banner Desert Medical Center and its integrated $320 million Cardon Children’s Medical Center. Featuring 5,131 employees, this medical facility offers a 1.5 million-square-foot campus and is located less than two miles from Riverview Place.
Developed in 1983 by Lincoln Property Company, the property is located at 2107 West Broadway Road in Mesa and is situated on 5.47 acres, comprised of stylishly designed studio, one-, and two-bedroom apartment homes featuring fully-equipped kitchens, spacious living spaces, large walk-in closets, and balconies or patios with private storage. Common area amenities include a resort-inspired swimming pool, modernized clubhouse, business center with Wi-Fi capabilities and coffee bar, as well as a private community laundry facility with new washer and dryer equipment.