PHOENIX—Institutional Property Advisors, a division of Marcus & Millichap, closed the sale of Crestwood, a 276-apartment multifamily community in Mesa. The terms of the sale were not released.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller, Lynd. The buyer is Aspen Square Management.
Gebing tells GlobeSt.com, “Crestwood marks the third acquisition in Mesa for the buyer in recent months. The driving force behind their interest in this asset was the continued public and private investment into the Fiesta District, sparking new life into the region and identifying it as a unique, economically vibrant, and active destination.
“Crestwood's P. F. West-designed apartment homes and location near Mesa's gentrifying Fiesta District make it attractive to renters,” adds Gebing. “The new owner is in an excellent position to renew and improve the brand through select capital improvement projects.”
The property is located at 601 South Alma School Road in Mesa, less than two miles north of U.S. Route 60, (the Superstition Freeway), two miles east of Arizona State Loop 101, (the Pima Freeway) and one mile north of the city's Fiesta District. The Fiesta District is Mesa's second-largest employment hub and home to the Banner Desert Medical Center, Mesa Community College, Fiesta Mall and the Mesa Financial Plaza.
Built in 1983 on 8.2 acres, Crestwood's one- and two-bedroom apartment homes feature fully equipped kitchens, dining room ceiling fans, ample closet space and private patio or balcony. Community amenities include covered parking, tennis and racquetball facilities, a swimming pool and spa, a clubhouse with vaulted ceilings and fireplace, kitchenette, and adjoining fitness center.
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