Utah Firm Purchases Country Club Verandas in Mesa, Arizona

Article originally posted on CoStar on March 3, 2020

The 348-unit Country Club Verandas apartment complex in Mesa, Arizona, was built in 1985. (IPA)

Bridge Investment Group, a privately-held investment management firm based in Sandy, Utah, with $20.1 billion in assets under management, has purchased Country Club Verandas in Mesa, Arizona, from Weidner Property Management for $49.6 million, or about $143,000 per unit.

The 348-unit complex at 1415 N. Country Club Drive includes a mix of one- and two-bedroom floorplans ranging from 456 to 759 square feet in 15, three-story buildings. Built in 1985, the garden-style property spans 13 acres with 528 linear feet of frontage along Country Club Drive, Mesa’s main north-south thoroughfare.

Community amenities include a basketball court, business center, clubhouse, fitness center, laundry facilities, maintenance on site and a spa.

“Country Club Verandas is well-positioned to benefit from downtown Mesa’s ongoing revitalization,” Steve Gebing, Institutional Property Advisors senior managing director, said in a statement. “The property is easily accessible from the numerous development projects underway in the city, including the Union at Riverview office development and Arizona State University’s ASU at Mesa City Center project.”

For the Record

Gebing, along with Cliff David, IPA senior managing director, represented the seller and procured the buyer.

The seller, based in Kirkland, Washington, originally purchased the property in 2011 for $13 million, or approximately $37,000 per unit, according to CoStar data.