PHOENIX—Sendero Ridge, located at 945 West Broadway Road in Mesa, sold for $15 million. The seller was Pimal Property Inc. of New York. The buyer was 945 W. Broadway Rd., LP of Toronto. Mark Forrester and Ric Holway of Hendricks-Berkadia's Phoenix office negotiated the transaction.
The sales price reflects a per-unit price of $52,083 or $78 per square foot. The property was 96% occupied at the time of sale.
Built in 1986, the 288-unit property features one- and two-bedroom floor plans and is situated on 12 acres of land. Additionally, the property amenities include a swimming pool, laundry facility, barbecue grills, volleyball court and extra storage. Each unit offers fully-equipped kitchens, cable-access, air conditioning, walk-in closets, ceiling fans, balconies and patios.
Forrester tells GlobeSt.com, “This asset serves a niche for working class families. Mesa apartments in general are performing better due to the job growth in the East Valley. Sendero is a place where you can live economically and still be close to the jobs.”
Forrester says the buyer plans to make some interior upgrades while still keeping the affordability of the property.
“It's an attractive situation all the way around,” says Forrester. “There is a real demand for affordable housing. This is still a relatively low-wage town.”
The asset is close to State Routes 87, 60 and Loop 101, providing residents access to the entire Mesa area. Sendero Ridge is less than two miles from Mesa Arts Center and two miles from the Chicago Cubs' spring training facility. Top employers in the immediate areas include Banner Desert Medical Center, Mesa Community College, Motorola Semiconductor Products and Mesa Police Department.
The vacancy rate in the Phoenix metro area dropped 30 basis points to 6.4% in the first quarter. Average asking rents reached $816 per month by March 2014, up 0.7% from December 2013.
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