Phoenix-area townhouse complex sells for $13.39 million

Article originally posted on CoStar on April 1, 2026

The Sonoran Townhomes complex is a 2024-built multifamily property in Mesa, Arizona, that sold as part of a distressed capital stack transaction. (CoStar)

A joint venture including Canopy Real Estate Partners and TBBG Investments has acquired The Sonoran Townhomes, a 36-unit multifamily complex in Mesa, Arizona, from a private investor for $13.39 million, or $371,944 per unit.

Built in 2024, the property at 3426 E. University Drive consists entirely of three-bedroom townhouses and was formerly known as CJ Townhomes.

The acquisition was made below replacement cost, a result of the prior ownership’s distressed capital stack stemming from construction cost overruns and existing debt pressures, according to a press release from Canopy Real Estate Partners. CoStar confirmed the transaction was structured as an investment sale.

TBBG Investments serves as Canopy’s Arizona multifamily market partner and will oversee day-to-day operations and execute the property’s business plan, according to the press release. The deal is part of Canopy Fund I, a $75 million fund focused on acquiring middle-market multifamily, industrial and retail properties across the Western United States.

For the record

Jackson Everhart and Zack Mishkin of ORION Investment Real Estate represented the buyer.

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