Property’s Location in Heart of DMB Developed Community Attracts Investor Interest
Phoenix, Arizona – LJ Mainstreet Holdings, LLC of Mesa has purchased the Main Street Lofts at Verrado for $5,250,000 ($116,666 per unit). The property is located at 21068 W. Main St. in Buckeye, AZ, within the heart of the Verrado master planned community.
“The market fundamentals for this property are great, residing in the heart of DMB’s master planned community of Verrado and Buckeye being named the fastest growing city in the U.S.,” said Chris Roach, associate vice president of Colliers International in Arizona. “DMB is known for its premier luxury communities with other notable projects being DC Ranch and Silverleaf in North Scottsdale. The deal structure of this transaction was rather complex considering this is a mixed-use property that falls under two HOAs.”
The local, private investor purchased the Main Street Lofts at Verrado from Waitt Verrado LLC of Omaha, NE, which is an investment management company. Matt Kolano and Charlie Steele of Jones Lang LaSalle of Phoenix represented the seller.
Chris Roach and Matt Roach of Colliers International in Arizona represented the buyer.
Main Street Lofts at Verrado was constructed in 2004 and offer Class A apartment homes. The property consists of 45 units averaging 994 square feet. Tenants have great amenities with CVS and Basha’s grocery located on the ground floor of the property and both the Verrado Community Center and Town Square located adjacent to the site, providing year-round entertainment.