Arizona Multifamily Trades for $56M
The 240-unit property was purchased by Taurus Investment Holdings for $235,000 per unit.
MESA, AZ – TA Realty has sold a 240-unit multifamily property in Mesa, AZ to Taurus Investment Holdings for $56.4 million.
Institutional Property Advisors, a division of Marcus and Millichap, completed the sale.
IPA’s executive managing directors, Steve Gebing and Cliff David represented the seller and procured the buyer for the transaction.
Situated on 10 acres, the asset, Indigo Springs, sold for a sales price equating to $235,00 per unit. The property was completed in 2000.
“The Southeast Valley is one of the densest employment regions in the state and Indigo Springs is one of just 10 assets built in the South Mesa submarket over the last 20 years,” states Gebing.
The apartment community is situated north of US Rte. 60 and Stapley drive on and off ramps. The asset is located near Stapley Marketplace and the Mesa Grand Shopping Center, as well as employment opportunities in the northwest Gilbert Corridor.
In addition to this acquisition, Taurus Investment Holdings recently sold a 295-unit, multifamily community in Malden, MA for $95.5 million.