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Seniors Residential Project Brings $2M

MESA, AZ-A Pasadena investor exits the metro and the multi-tenant market with the $1.55-million sale of the 16-unit Fairway Terrace Apartments, a fully leased asset positioned on the 13th fairway of the Mesa County Country Club.

By Amy Wolff Sorter | Updated on August 11, 2005

MESA, AZ-In a move to focus his portfolio on single-tenant deals, a California investor has sold the last of his multifamily properties, the 16-unit Fairway Terrace Apartments, for the full $1.55-million ask.

Scott Morasch of Marcus & Millichap-Seattle represented the buyer, Northend Acquisitions LLC of Seattle. Taylor Shultz of Marcus & Millichap-Phoenix handled the deal for the seller, Mark Dolan of Pasadena. The independent living facility at 524 W. Fairway Rd. sits on the 13th fairway of the Mesa County Country Club.

The seniors’ project was 100% occupied at the time of the closing which, according to Shultz, helped Dolan to sell the property in the market. “It was a great market for him to get out and a great time,” says Shultz, a sales associate. “We chose a pretty aggressive asking price for this property and we got it.”

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