Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Courtyard Towers, a 13-story residential tower in Mesa, Arizona comprised of 169 units.
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“Delivered vacant at closing, the property is primed for transformation into Downtown Mesa’s only high-rise multifamily community,” said Cliff David, IPA executive managing director. “The buyer’s track record of highly successful adaptive reuse projects, their business plan relative to unit finishes and amenity programing, and the rejuvenation efforts underway throughout Downtown Mesa all combine to provide a very bright future for Courtyard Towers and its soon-to-be residents. This project will be the centerpiece of the city skyline and one that will undoubtedly augment the trajectory of Downtown Mesa and its livability.” David and IPA executive managing director Steve Gebing represented the seller, Okland Capital and procured the buyer, Soltrust Robson, financed by Blueprint Capital Income REIT.
Easily accessible from Arizona State Route 87/Country Club Drive and Main Street, the property is within an Opportunity Zone and steps from the Valley Metro light rail line. Arizona State University’s ASU at Mesa City Center campus, Arizona Museum of Natural History, the i.d.e.a Museum, the Nile Theater, and the Mesa Arts Center are all nearby and walkable. “We’re very excited to bring competitively priced apartments to the amazing cultural transformation that Downtown Mesa has established over the past few years,” said Gary Blakeslee, principal with the buyer.
Constructed in 1984 on 1.3 acres, the tower was purpose-built as multifamily before being converted to seniors housing in the early 2000s and vacated in 2022. The property will become a 176-unit multifamily community post-renovation as a function of Downtown Mesa’s Form-Based Code land regulations, which change the property zoning from Commercial Downtown (C-DT) to Transect 5-Main Street Flex.
