PHOENIX, ARIZONA -- CBRE announced the sale of the 200-unit multifamily community Superstition Canyon in Mesa, Ariz. on behalf of KB Development to a Southern California investor for $65 million ($175,000 PER UNIT).
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller.
Superstition Canyon, located at 1247 S 96th Street, features a resort-style heated pool with ramada, TV, fireplace and barbeques. The property, built in 2010, also boasts a sauna, fitness center, clubhouse with billiards table, business center, basketball court, sand volleyball court, and gated dog park.
“Phoenix is one of the fastest-growing metros in the country, and Mesa is an outperforming multifamily market,” said Cunningham. “Superstition Canyon is ideally positioned for continued operational success.”
Over the last three years, Phoenix has consistently been one of the top U.S. metros for multifamily rent growth. The average multifamily rent in Phoenix increased 5.3 percent year-over-year in Q1 2021,and in East Mesa multifamily rent increased 6.5 percent, according to CBRE research.
KB Investment Development Company is an Orange County, California- based real estate development company with more than 40 years of experience in the development, construction and management of commercial and residential real estate.