Sonora Vista Apartments, located at 9736 East Balsam Avenue in Mesa, Arizona sold this month for $22,500,000.
The NorthMarq team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
Mesa Leased Housing Associates II, LLC and entity formed by Dominium of Plymouth, Minnesota were the buyers.
“Sonora Vista was a long-term investment for the sellers who were looking to liquidate in the booming Phoenix multifamily market place,” said Hudson. “The buyers believed it was a strategic acquisition with huge operational upside due to the fact that the affordable rental restrictions were removed and renovating and rebranding the asset will increase rents significantly.”
Two entities formed by Atlantic Development of Scottsdale, Arizona were the sellers.
The 184-unit Sonora Vista apartment community, built in 2001, comprises 38 percent two-bedroom units, 42 percent three-bedroom units, and 20 percent four-bedroom units. The property, located on the north side of Balsam Road east of Ellsworth Road, is situated in the East Valley Mesa submarket. Major employers in the immediate area include Boeing and Banner Health. The Mesa multifamily market has recently shown an uptick in development activity as strong vacancy compression and record rent growth have corresponded with apartment construction. Further, investors have been increasingly active in the submarket and consistently target value-add opportunities, pushing prices to all-time highs in 2018.