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28-Unit Mesa Complex Draws $1.1 Mil Plus

MESA, AZ-A private investor from Chicago has the keys to the 28-unit Red Mountain Apartments in north Mesa. John Pietka has paid more than $1.1 million or about $40,892 per unit. The property abuts two popular golf courses.

By D.J. Burrough | Updated on May 03, 2001

MEZA, AZ-A Chicago real estate investor has purchased a 28-unit Mesa apartment complex for more than $40,892 per unit.

John Pietka, a private investor from Chicago, has shelled out slightly more than $1.1 million for the Red Mountain Apartments, located at 2610 N. Recker Rd. in north Mesa. The complex is sandwiched between the golf courses, Apache Wells Country Club and Painted Mountain Golf Club, and only about three miles south of the Tonto National Forest and Usery Mountain Recreation Area.

The Mesa area has been one of the softest for apartment demand in the past year. In 2000, the vacancy rate had been 6.8%, up from 6.6% in the prior year. At 2001′s start, the Valley’s overall vacancy rate had been riding at 6.6%.

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