IPA sells southeast valley multifamily complex for $18.6M
Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has sold Bayview Apartments, a 204-unit multi-housing community in Mesa, Ariz. The $18.6 million sales price equates to more than $91,000 per unit.
IPA senior director Steve Gebing and Marcus & Millichap senior director Cliff David advised the seller, New Bayview Apartment Properties LLC, and procured the buyer, Deancurt Mesa II LLC.
“Bayview Apartments’ positioning within the competitive landscape of the submarket makes it a prime candidate for the implementation of a renovation program,” says Gebing. “The property is situated in an established section of north Mesa that includes only one other asset within a three-mile radius built in the 21st century.”
The community is located at 1930 North Country Club Drive, less than three miles north of downtown Mesa. Called “the square mile of unique style,” downtown Mesa has Arizona’s largest and most versatile arts and entertainment complex, and is anchored by the Mesa Arts Center, a seven-acre campus with four theaters, five art galleries, 14 art studios and classrooms, administrative offices, conference rooms, and a 700-foot-long outdoor grand promenade or “shadow walk.” The Falcon Field Employment Center, a 5,100-acre area with more than 10 industrial and office parks, is located less than seven miles east of Bayview. The largest company in the area is Boeing’s Apache Helicopter facility. Other notable employers include Fujifilm, Mitsubishi, Bridgestone, Matheson Gas, MD Helicopters, Nammo Talley Inc., TRW Vehicle Safety Systems Inc., Able Engineering, CMC Steel, Banner Health Systems, Cessna, and Timken Aerospace.
Bayview Apartments was developed in 2000 by CMH Corp. Each apartment home features nine-foot ceilings, a fully equipped kitchen, full-sized washer and dryer, large walk-in closets, ceiling fans, and a private patio or balcony with storage space. Community amenities include a stand-alone leasing office with business center, an oversized stand-alone fitness center, a PebbleTec® swimming pool and spa, spacious outdoor spaces with barbecue grills, assigned covered parking, pedestrian gates and controlled access gate entry.