Bulk Condos In Mesa Sell For $8.5M
Bulk condo deals are a little unusual these days, but they still occur occasionally. Recently, a Canadian private investor sold 86 of the 96 total units in Sage Luxury Condominums in Mesa to a private investor from Arizona for $8.5M, or about $98,800/unit. The three-story property is on about four acres.
"Sage is located to benefit from the massive redevelopment set to occur at Fiesta Mall," ABI Multifamily partner Eddie Chang said. Chang, along with ABI partner Doug Lazovick, brokered the property. "The buyer was seeking a property in a solid-performing submarket with potential for increased rents via ongoing property upgrades."
According to Lazovick, the seller acquired the property in 2010 at the absolute bottom of the market. Few of the units had sold, so the rest were rented.
"The seller implemented a renovation and repositioning plan that created substantial value," he said.
