Cassidy Turley*, a leading commercial real estate services provider in the U.S., announced Monday the sale of Newport Mesa, a 156-unit apartment community in Mesa, Ariz. Southern Avenue 156 Community, LLC (Unity Pacific Residential) purchased the property for $8.37 million ($53,686/unit) from Newport Mesa Apartments, LLC (Maxx Properties).
Cassidy Turley Executive Managing Directors David Fogler and Steven Nicoluzakis represented the seller in the transaction.
“The ongoing revitalization of Mesa’s Fiesta District and the quality of the Newport Mesa asset attracted the buyer to the property,” said Mr. Fogler.
Built in 1974, Newport Mesa is a garden-style apartment community located within Mesa’s Fiesta District, which includes Mesa Community College, Banner Desert Medical Center and Fiesta Mall. The community has immediate access to U.S. Highway 60 and the Loop 101 freeways, providing easy access to all parts of the Valley. The complex includes studio, one and two bedroom apartments that range in size from 460 to 960 square feet. The gated community includes a clubhouse/leasing center, two resort style swimming pools and a heated spa, barbecue areas and on-site laundry facilities.
*Cassidy Turley announced in a press release on September 22 that it has entered into an agreement with an affiliate of DTZ Investment Holdings, backed by TPG, PAG Asia Capital and Ontario Teachers’ Pension Plan (the Consortium that agreed to acquire DTZ), to sell 100% of the equity interests of Cassidy Turley. The agreement is subject to customary closing conditions and is dependent on Cassidy Turley’s combination with the operations of DTZ Group (DTZ) to create a global, full-service commercial real estate services company. The Consortium’s acquisition of DTZ closed November 5, 2014. The acquisition of Cassidy Turley is expected to close December 31, 2014.
