Frenetic week of multi-family trading ending with sale of a 676 unit Mesa apartment complex for $66.6 million

Mesa apartment complex

Business Real Estate Weekly by Rose Law Group

Mesa apartment complexMesa – In a deal that will cap off a seven-day period of robust multi-family property sales activity in the Phoenix area, the 676-unit Lakeview at Superstition Springs Mesa apartment complex is set to close in a $66.6 million transaction ($98,521 per unit). The project, located within the Superstition Springs community, is at 1849 S. Power Road. The multi-family property is being purchased by Fairfield Residential Inc. in San Diego, Calif. (Chris Hashioka, pres.). The seller is Lakeview Apt. Corp., a company formed by Heitman LLC in Chicago, Ill. The sale was brokered through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. In April 2006, BREW reported the company formed by Heitman paying $59.4 million ($87,870 per unit) to buy Lakeview at Superstition Springs. The sprawling complex was developed in three phases during the 1990s. Continued

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