Marcus & Millichap, a commercial real estate investment services firm with offices throughout the United States and Canada, announced Wednesday the sale of Southern Ridge, a 113-unit apartment property located in Mesa, Ariz., according to Don Morrow, regional manager of the firm’s Phoenix office. The asset sold for $6,510,000.
Pete Te Kampe, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the sellers, which comprised multiple individuals and entities. John Kobierowski, of ABI Multifamily is the broker who represented the buyer in the transaction. This transaction represents Te Kampe’s second fragmented condominium reversion sale this year and the fourth overall he has listed and closed. Southern Ridge is located at 214 North Gilbert Road in Mesa, Ariz. The property was built in 1985 comprises 113 units.