Utah investor plans to complete renovations of community in popular infill location
Phoenix, April 17, 2019 – Bridge Investment Group of Salt Lake City, Utah, purchased the Verona Park apartment community at 1666 S. Extension Road in Mesa, Arizona for $43.75 million. The Utah investor plans to complete modernization of the 304-unit development, located in a popular infill area.
“This asset provided a terrific value-add opportunity for investment,” said Cindy Cooke, senior executive vice president of Colliers International in Arizona.” The property is located adjacent to the recently redeveloped Fiesta District and in an area surrounded by expanding tech companies. Verona Park was partially updated by the seller and the buyer will benefit from completing renovations in an environment of rising rental rates.”
Bridge Investment Group purchased the property from Millburn Company, also of Salt Lake City. Cindy Cooke and Brad Cooke of Colliers International in Arizona represented Millburn Company in the transaction and Bridge Investment Group was self-represented.
Verona Park consists of 19 residential buildings totaling 248,224 square feet. The community was built in 1981. The community features one- and two-bedroom units, averaging 817 square feet each. Twenty-five of the units have been renovated, leaving the remaining 279 apartments with classic interiors for future upgrading. Verona Park features a park-like setting with high quality landscaping, as well as a recently renovated clubhouse.
Verona Park is located within a submarket that experienced 9 percent rent growth in 2018. The property is situated next door to the Fiesta District, where $425 million has been invested. The community’s appealing infill location features18,000 jobs within a one-mile radius.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Colliers International in Arizona has served clients locally and globally for more than 35 years.