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EXCLUSIVE: Heitman Antes Up $59M Plus to Win 676-Unit Prize

MESA, AZ-Heitman LLC of Chicago emerges as the victor in a bidding war against 25 other investors for Lakeview Apartments, a 44-acre development pushing 100% occupancy. The Chicago-based Heitman wins the face-off for $59.4 million.

By Amy Wolff Sorter | Updated on April 06, 2006

(To read more on the multifamily market, click here.)

MESA, AZ-Heitman LLC has beat out a slew of memorandums of intent and 25 solid offers to acquire the 676-unit Lakeview Apartments for $59.4 million.

The 1829 S. Powers Rd. complex attracted interest from investors and condo converters during the two-month marketing period, though the property overall is too large for conversion, says David C. Martin of Moran & Co.’s Mountain States office in Denver. He and colleague Pam Koster represented the seller, Nearon Enterprises LLC of Danville, CA.

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