MESA, ARIZONA — CBRE has announced the $15.1 million ($18875 per unit) sale of 454 West, an 80-unit multifamily property in Mesa, Ariz., to a private capital investor from Los Angeles.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer and the seller, 454 West Brown Apartments LP, a local private capital investor, in the transaction.
Located at 454 West Brown Road, the apartment community includes six buildings on 2.8 acres in the North Mesa submarket. The property’s two-bedroom, two-bathroom units, which 1,000-square-feet average, were recently renovated with premium finishes including white shaker cabinetry, stained concrete flooring, granite countertops and stainless-steel appliances. Community amenities include a new pool with loungers and umbrellas, a BBQ area, a fitness center and a dog run.
Residents have access to the East Valley and metro Phoenix area via the nearby Loop 101 and Loop 202 freeways and State Route 87. The property is located near Banner Corporate Center Mesa, a 254,000-square-foot office center for approximately 1,200 employees, and near the site of the new Arizona State University City Center campus, which is scheduled to open in the spring of 2022. The property is also in proximity to downtown Mesa and downtown Tempe, Wrigleyville West, Mesa Riverview, Tempe Marketplace and Arizona State University’s Tempe campus.