Vacant, 169-Unit Residential Tower Sells in Mesa, Arizona

Article originally posted on CoStar on December 15, 2023

Courtyard Towers, a 132,362-square-foot residential building in Mesa, Arizona, was sold late last month for $12.68 million, or about $72,017 per unit.

Tempe-based Okland Construction sold the property to an individual investor based in Scottsdale.

Located at 22 N. Robson and constructed in 1984, the building was originally a multifamily property. In the early 2000s, it was converted into senior housing. The 13-story structure was vacated in 2022, and the planned reversion of the property to multifamily is expected to increase its unit count from 169 units to 176. The buyer also acquired the ground lease leasehold to the property.

“Delivered vacant at closing, the property is primed for transformation into Downtown Mesa’s only high-rise multifamily community,” said Cliff David, executive managing director for Institutional Property Advisors, who worked on the deal. “This project will be the centerpiece of the city skyline and one that will undoubtedly augment the trajectory of Downtown Mesa and its livability.”

The building is easily accessible from Arizona State Route 87 and Main Street. It also is walking distance from the Arizona State University at Mesa City Center campus, the Nile Theater, the Mesa Arts Center and several museums.

Cliff David and Steven Gebing of Institutional Property Advisors facilitated the transaction.