Colliers International in Greater Phoenix recently completed the sale of the 472-unit Midtown on Main Apartments, a transit-oriented, Class B complex in Mesa for $34.95 million, or $74,047 per unit.
Houston-based Domain Acquisitions LLC in partnership with BH Equities LLC of Des Moines (DFA/BH Midtown LLC of Houston, Texas) purchased the complex, located at 2121 West Main Street, from Bay Club Partners LLC of Beaverton, Oregon.
The transaction was brokered by the Colliers Cooke Team, led by Cindy Cooke, senior executive vice president, and Brad Cooke, vice president.
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 (730 sf), and 286 two bed/two bath units (893 sf).
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 beautifully 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,” said 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.
“Midtown is an excellent value-add opportunity located in an infill urban area where Tempe and Mesa are starting to merge. One of the major components creating this merge is the recently expanded Metro Light Rail,” said Cindy Cooke.
The Colliers Cooke Team has maintained a strong track record of closing 97 percent of their listings over the last 30 years. To view the Cooke Multifamily Investments’ current offerings, visit www.collierscooketeam.com.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 15,800 professionals operating out of more than 485 offices in 63 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 30 years.
