Colliers International sells Verona Park Apartments in Mesa for $43.75 million

Utah investor plans to complete the renovations of community

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.

Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.


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Cindy Cooke

Senior Executive Vice President

Phoenix

As a senior executive vice president with Colliers International, I lead the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Team members are Brad Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant.

With more than 30 years of experience specializing in multifamily, I provide the market insight clients use in their investment decisions. My primary focus is my relationship with clients. I understand the importance of every step from evaluation to marketing, qualifying the buyer, negotiations, due diligence, financing and closing; and am involved in every aspect of the transaction from start to finish. Through a hands-on personal approach, I provide unmatched service to my clients.

The ability to maximize value, minimize risk and accelerate velocity for clients is the driving force behind all my decisions. I leverage my knowledge and relationships for the benefit of my team’s institutional and large private capital clients.

In addition to my multifamily brokerage business, I served as Interim Manager and Designated Broker for Colliers in Greater Phoenix in 2005. From global conferences in Shanghai to daily interactions with more than 150 brokers and staff, I helped lead Greater Phoenix to become one of the top Colliers’ offices worldwide.

My brokerage career started in multifamily with an emphasis on development, property assemblage, zoning and construction. Early in my career, to accommodate the needs of clients, I started my own commercial real estate brokerage and mortgage broker firm and was the sole proprietor of these companies for 10 years. I was also the partner of Blue Ridge Park Business Park, where I assembled, zoned and planned the largest business park in Raleigh, North Carolina

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Brad Cooke

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I am a member of the Cooke Multifamily Investment Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Chris Roach, Matt Roach, Kellyanne Kennedy and Cory Gernant. My primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities..

My dedication to our team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national and international companies. I am responsible for client communication, property tours, coordination of the due diligence process, assisting with underwriting, and market and economic analysis. My in-depth market knowledge has proven to be a valuable asset to our clients and team.

Prior to joining Colliers in 2006, I served as a designated broker/owner of Interlock Realty, a residential real estate firm, and was also the leasing agent for over one million square feet of industrial space. My career began in 2002, as an office leasing agent, and I have since been exposed to all areas of real estate. I found my passion and focus in the multifamily investment sector of commercial real estate.

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