MESA, Ariz., – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of River Rock, 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 $11,040,000 ($230,000 per unit).
“Equidistant to both the Mesa Riverview and downtown Mesa entertainment districts, River Rock is well-positioned near a diverse landscape of employment opportunities and lifestyle amenities,” shared Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office. “New ownership will have the opportunity to complete the programmatic interior renovations already started at the property to capitalize on favorable monthly premiums.”
Bay 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.
River Rock is located at 447 West Rio Salado Parkway in Mesa, Arizona. The apartment community consists of 48 total units, 25 of which have been renovated. All apartments have individual washer/dryer units as well as patios/balconies.