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$2-Mil Plus Multifamily Sale Falls Below Market Average

MESA, AZ-A California-based family trust has snagged a good deal in Mesa, buying the 48-unit Cypress Commons Condominiums at below market average. The buyer pays a little more than $2 million or $42,700 per unit. The average is $56,073 for that age group.

By D.J. Burrough | Updated on September 26, 2001

MESA, AZ-A Utah investor takes less than the market average for his 48-unit apartment complex in Mesa. The sale price is a little above $2 million, or $42,700 per unit, in a market and age group that pulls $56,073 per unit, according to Marcus & Millichap’s Phoenix research team.

The buyer of Cypress Commons Condominiums is the Poling Family Trust, headed by Marty Poling of Thousand Oaks, CA. Doug Fielding of the Phoenix office of Marcus & Millichap represented buyer and seller, David Sanchez of Bountiful, in the transaction.

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