Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sonoma Village, a 96-unit multifamily property in Mesa, Arizona. The asset traded for $26 million, or $270,833 per unit.
“Located within Mesa’s Fiesta District, Sonoma Village residents have convenient access to an increasingly developing part of town, including high quality healthcare resources, top-tier higher education and a booming business district with an influx of over $500 million of capital reinvested into the community for redevelopment,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “Major institutions like Banner Health, Santander Consumer USA, and Mesa Community College headline the thriving mainstay industries of the area. These include healthcare, advanced business and financial services, and higher education, all driving the area’s revitalization.” Bay, Darrell Moffitt and IPA’s Cliff David, Steve Gebing, and Hamid Panahi represented the seller, an Oregon-based private investor, and procured the buyer, a Chicago-based investment firm. Built in 1973, Sonoma Village offers mostly two-bedroom units and provides a value-add opportunity for the buyers with plausible unit upgrades.
“The close proximity of Sonoma Village to major employers and entertainment resources made for a competitive sales process, as investors took note of the rapid expansion and redevelopment efforts in the neighboring areas,” added Bay.
