MESA, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Farnsworth Apartments, a 30-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $2.6 million ($86,666 per unit).
Darrell Moffitt and Michael Burke, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. "The apartments were originally built by the Farnsworth family over 60 years ago,” Moffitt reported. “They retained ownership of their community up until the recent sale.” The buyer, an individual/personal trust, was also procured by Moffitt and Burke. Moffitt explained, “The buyer owns and manages other properties throughout the east valley, so they were eager to obtain this new asset. This acquisition will really complement their existing portfolio."
Farnsworth Apartments is located at 315-321 North Higley Road in Mesa, Arizona. The property is part of Dreamland Villas, a 55+ community. Built in 1966, the single-story 30-unit community is comprised of 18 one-bedroom/one-bathroom units, 10 two-bedroom/two-bathroom units, and two two-bedroom/two-bathroom units. The Farnsworth Apartments have easy access to both the Loop 202 and Interstate-60 freeways. In addition to many restaurants and retail centers, residents are only minutes away from Banner Baywood Medical Center and Falcon Field Airport.