PHOENIX—Cassidy Turley announces the sale of Newport Mesa, a 156-unit apartment community in Mesa. Southern Avenue 156 Community, LLC (Unity Pacific Residential) purchased the property from Newport Mesa Apartments, LLC (Maxx Properties). The asset sold for $8.37 million.
Cassidy Turley executive managing directors David Fogler and Steven Nicoluzakis represented the seller in the transaction.
Fogler tells GlobeSt.com, “This was an attractive, well laid-out property. The surrounding area is on the verge of making a comeback and the buyer saw this, in addition to the large job base. The seller had owned the property for 10 years and it was in great shape. The buyer has some similar projects in other parts of Phoenix.”
The buyer acquired financing through a loan from New York Community Bank, which has been active in Phoenix of late.
“The property was very well maintained,” Fogler adds. “But the buyer will make some improvements.”
Built in 1974, Newport Mesa is a garden-style apartment community located within Mesa's Fiesta District, which includes Mesa Community College, Banner Desert Medical Center and Fiesta Mall. The community has immediate access to U.S. Highway 60 and the Loop 101 freeways, providing easy access to all parts of the Valley. The complex includes studio, one and two bedroom apartments that range in size from 460 to 960 square feet. The gated community includes a clubhouse/leasing center, two resort style swimming pools and a heated spa, barbecue areas and on-site laundry facilities
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