Mesa Multifamily Complex Sells in Off-Market Transaction

DSC_2254

Article originally posted on Commercial Executive Magazine on June 22, 2017

Located in Mesa’s growing Fiesta District, Sonoma Village Apartments recently closed for $7,400,000, or $77,083 per unit. The two-story complex consists of 96 units and was constructed in 1973 of a frame stucco build. The units are individually metered for electricity. The tenants can enjoy a gated community with attractive common area amenities, including a clubhouse, swimming pool, covered parking, and on-site laundry facilities. The location is superb, being minutes from Mesa Community College, Fiesta Mall, Banner Desert Medical Center, Cardon Children’s Medical Center, and the core of Mesa’s Fiesta District. Nearby freeways include US 60 and SR 87.

Christopher Roach and Matthew Roach of ORION Investment Real Estate represented the Seller in this transaction. “This transaction represents a prominent trend in the Phoenix market, with approximately three-quarters of multifamily transactions occurring from out-of-state buyers. Sonoma Village is a well-maintained, 1970’s built, 96 unit multifamily property in Mesa that was purchased in a 1031 tax exchange by a real estate investor from Oregon. The property had high occupancy due to the strong rental demands for workforce housing,” said Chris.

The Buyer was Kenneth Schnerch of Sonoma One Properties LLC (83% undivided interest) and Sonoma Two Properties LLC (17% undivided interest). Principals Surinder and Rano Singh were the Sellers in this transaction.