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Investor Writes $1M for Mesa Apartments

MESA, AZ-Pressure to buy multifamily properties coming from California shows no signs of slowing down, with the latest being the $1.1-million purchase of the 20-unit Irving Manor, one many offerings setting new bars for appraisals and sales in the region.

By Lee Simmons | Updated on April 05, 2004

MESA, AZ-California buyers continue to lock in on well-appraised and performing multifamily properties in the Phoenix market, as evidenced by the recent purchase of the Irving Manor apartments for about $1.1 million. Muir Properties LLC, comprised of investors from Phoenix and California, have bought the 13,600-sf property from Alfred Demelo of Demelo 1992 Trust of Redwood City, CA.

“We’ve seen a huge amount of California buying pressure,” Scott Trevey, the buyer’s representative of Re/Max Commercial Investment in Phoenix, tells GlobeSt.com. “In the fourth quarter of 2003, 50% of all closed multifamilies in Phoenix had buyers withCalifornia addresses.”

The California buying trend in and around Phoenix owes much to strong cap rates and gross rent multipliers, not to mention rising appraisals throughout the region, says Trevey. “Properties that are decent are going around here,” Trevey says. “In California, nothing in their market makes any sense.”

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