MESA, Ariz., September 30, 2020 – 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 Cypress Commons, a 48-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,720,000.
“Given its convenient location between the Mesa Riverview and Downtown Mesa, Cypress Commons is well-positioned to capture a resident population from the nearby retail and industrial centers,” said Paul Bay, vice president investments in Marcus & Millichap’s Phoenix office. “The asset is a prime candidate for light programmatic interior renovations due to the vintage, unit mix and existing asset amenities,” he added.
Bay had the exclusive listing to market the property on behalf of the seller, a tenant in common. The buyer, a developer, was also procured by Bay. Cypress Commons is located at 447 West Rio Salado Parkway in Mesa, Arizona.