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676 Luxury Units, Eight Lakes Sell for $48.3M

MESA, AZ-Lakeview at Superstition Springs is destined to be the crown jewel for Nearon Enterprises of Danville, CA, a return buyer to the Arizona market after a five-year hiatus. The 40-acre gated community is 94% leased.

By Beverly Ford | Updated on December 16, 2002

MESA, AZ-A privately held investment and development firm has taken the deed to Lakeview at Superstition Springs, a 92-building, 676-unit luxury multifamily community, in a $48.3-million deal that marked the company’s first Arizona acquisition since 1997.

Nearon Enterprises of Danville, CA, took over the 40-acre gated community from Mesa 308 LLC, one of the property’s original developers, Ryan Freeman, a senior adviser with Sperry Van Ness Mullin, tells GlobeSt.com.

“I think it is going to be their crown jewel,” Freeman said of the purchase by Nearon, which currently owns and manages a three-million-sf portfolio of commercial properties, primarily in California, Colorado and Hawaii.

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