MESA, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 10|Ten on Main, a 84-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $13,150,000.
“Equidistant to the Mesa Riverview, Fiesta District and Downtown Mesa, 10|Ten on Main offers residents nearby access to a wide variety of employment opportunities and neighborhood amenities,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “The asset is a prime candidate for completing programmatic interior renovations, allowing new ownership to realize associated premiums already proven in the submarket.”
Bay, Cliff David, Darrell Moffitt, Nate McDaniel and Steve Gebing, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Bay, David, Moffitt and Gebing.
10|Ten on Main is a 1986 vintage property comprised of 24 one-bedroom/one-bath apartments and 60 two-bedroom/two-bath apartments. Extensive community renovations were executed in 2019, including the interior renovation of 30 units. 10|Ten on Main is located at 1006 West Main Street in Mesa, Arizona, immediately north of the Valley Metro Light Rail.