PHOENIX—CBRE has completed the sale of Lakeview at Superstition Springs, a 676-unit apartment complex located at 1849 S. Power Rd. in Mesa. The multifamily asset sold for $66.6 million. The property was 95% leased at time of sale.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE's Phoenix office represented the institutional seller. The buyer was San Diego-based Fairfield Residential Company LLC.
“Lakeview at Superstition Springs offers a great opportunity in the East Valley,” says Cunningham. “The East Mesa/Gilbert submarkets are projected to lead the Phoenix metro in population growth through 2020 with multifamily demand only strengthening over the timeframe as well.”
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