Cushman & Wakefield Negotiates Sale of 384-Unit Class A Multifamily Opportunity
PHOENIX, Arizoa – Cushman & Wakefield completed the sale of The District at Mountain Vista, located at 1304 S. 105th Place in Mesa, Ariz. South 105th AZ Partners, LLC, an entity formed by Atlanta-based Cortland Partners, purchased the property from Atlanta-based Kaplan Mountain Vista Apartments, LP, an entity formed by Westplan Investors and Kaplan Development, LLC, for $62 million ($161,458 per unit).
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller.
The District at Mountain Vista is a 384-unit Class A, garden-style luxury rental community offering a mix of one, two, and three-bedroom floor plans at an average size of 965-square-feet. Each apartment features crown molding, breakfast bar, Whirlpool black appliances, full-size washer/dryers, walk-in closets, detached private garage, private patios/balconies and nine-foot ceilings.
The property’s amenity set includes a clubhouse, resort-style pool, poolside café tables and barbecue grills, resident business center with WiFi, fitness center, yoga studio, gated entry, extra storage units and a dog park. Located in East Mesa near the US-60 and the Loop 202, The District at Mountain Vista provides easy access to restaurants, shopping, entertainment, recreation, schools and medical centers.
“The buyer was attracted to The District at Mountain Vista by the overall quality of the asset and the potential to add value through a program of upgrading unit interiors and the community’s amenity package,” said Fogler.