PHOENIX—Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines (DFA/BH Midtown LLC of Houston) purchased Midtown on Main Apartments, a transit-oriented, class B complex in Mesa for $34.95 million, or $74,047 per unit. The seller was Bay Club Partners LLC of Beaverton, OR. Tthe complex is located at 2121 W. Main St.
The transaction was brokered by the Colliers International of Greater Phoenix Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president.
Cindy Cooke tells GlobeSt.com, “There was a lot of upside left in the property. It's in a great location, in an area of upward transition near Banner Health, Mesa Community College, the Cubs stadium and light rail. The property has great floor plans and a huge amenity package with a 10,000-square-foot clubhouse that the buyer will add value to. Everything is ready to go for an update. The seller was looking for certainty of closing and the buyer was able to provide that easily and quickly.”
Built in 1985, Midtown on Main is a garden-style community with 42 three-story buildings on 18.5 acres. Within 391,178 square feet of total living space, the unit mix is 186 one bed/one bath units, and 286 two bed/two bath units.
This gated community realized $4 million in capital improvements in 2006, and the new owner will renovate 100% of the unit interiors and significantly enhance and expand the site's amenity package. The amenities include a 10,000-square-foot recreation facility with indoor basketball and racquetball courts, three swimming pools, sand volleyball court, covered children's' play area, covered parking, and landscaped grounds with gas barbecue facilities throughout.
“The purchase of Midtown on Main is a continuation of our commitment to re-establish a sizable, strategically located multifamily portfolio in Arizona,” says Jay O'Connor, executive vice president of Domain.
Midtown on Main is southeast of the Loop 101 and 202 interchange, and west of Dobson Road. The apartment community is located directly on the Metro Light Rail line that connects Mesa to Tempe, Sky Harbor International Airport, and Metro Phoenix.
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