This dead strip mall will be replaced by a 373-unit apartment complex at 1445. S. Power Road, Mesa. (Google Maps)
By Paul Maryniak | East Valley Tribune
As investors nationwide pour record billions into rental properties, three Mesa apartment complexes over the past three weeks have changed hands in eight-figure deals while a dead strip mall is giving way to a 373-unit complex.
Cushman & Wakefield said it is advising Dallas-based Stillwater Capital Investments in the $11.1 million acquisition of a 16-acre strip mall bordered by Power Road and E. Hampton and S. Clearview avenues.
“Stillwater plans to construct a brand new 373-unit Class A apartment community on the site,” Cushman & Wakefield said in a release. “The property currently houses vacant retail structures that Stillwater will demolish to pave way for its new state-of-the-art apartment development.”
