CBRE negotiated the sale of Avia 266 (to be renamed The Remy), a 267-unit multifamily community located in Mesa, Arizona. CBRE’s Matt Pesch, Asher Gunter and Austin Groen represented the seller, Geringer Capital. San Diego-based ColRich acquired the community for $52.4 million, including the assumption of an existing HUD loan.
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“We are pleased to have represented Geringer Capital in the sale of Avia 266. This transaction reflects continued investor interest in well-located, quality multifamily assets across the Greater Phoenix market,” said Pesch, Vice Chairman at CBRE.
Completed in 1984, Avia 266 features a low-density garden site plan with all one- and two-bedroom units. Community amenities include two pool and spa areas, a 24/7 fitness center, an outdoor courtyard with recreation and gathering spaces, a resident clubhouse with community kitchen, package lockers, and a fenced dog park.
ColRich is a real estate, construction and investment firm focused on repositioning residential workforce housing in strategic locations throughout the western United States.
“ColRich remains focused on aging, well positioned suburban apartments in in metropolitan statistical areas (MSAs) that continue to grow, both in terms of jobs and overall population. We continue to target markets like Phoenix where oversupply has created temporary softness in operations, allowing us to purchase older assets at significant discounts to replacement cost, presenting attractive reposition opportunities in 2 and 3-story walk-up product,” said Danny Gabriel, CEO of ColRich.
Avia 266 is centrally located in the Southeast Valley approximately one-half mile from the Loop 101 freeway and less than one mile from the Loop 202 freeway. Downtown Mesa is approximately one mile east. High-wage employers, shopping and nightlife destinations, and the ASU Tempe campus are approximately three miles west. Mesa Riverview shopping center, the Riverview Baseball Complex, Riverview Park, and the spring training home for Major League Baseball’s Chicago Cubs at Sloan Park are within walking distance of Avia 266.
