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276-Unit Multifamily Asset Trades in $17M Off-Market Deal

MESA, AZ-McDowell Properties negotiates the $16.9-million acquisition of the 92%-leased Tierra del Sol after acting on a tip from its property management group, which has overseen the class B complex for the past decade.

By Jennifer D. Duell | Updated on February 15, 2005

MESA, AZ-San Francisco-based McDowell Properties has gained the title to Tierra del Sol Apartments from Pacific Life Insurance Co. in a $16.9-million, off-market transaction.

The 276-unit, class B community at 1711 S. Extension Rd. in Mesa is McDowell Properties’ second acquisition in the Valley since November when it acquired Somerset Villa Apartments at 909 W. Colter St. in Phoenix for $15 million. Kim Bernard and Lamont Bawden of Phoenix-based Bernard/Allison Investment Services Inc. brought McDowell Properties and Newport Beach, CA-based Pacific Life together, says Patrick McDowell, president of McDowell Properties.

“Bernard/Allison, which has managed Tierra del Sol for 10 years, also manages Somerset Villa Apartments for us,”McDowell tells GlobeSt.com, “and they thought that we might be interested in acquiring Tierra del Sol.”

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