Utah investor acquires multifamily properties burgeoning East Valley
Phoenix, February 9, 2017 – Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix completed the sale of a multifamily portfolio, comprised of Argenta Apartments and Verona Park Apartments, in the growing East Valley submarket of Mesa, Arizona. The properties were purchased by Millburn & Company of Salt Lake City, Utah. Acacia Capital Corp. of San Mateo, California, was the seller.
“East Valley 2 Portfolio was a true value-add investment opportunity, providing a buyer the opportunity to renovate not only the unit interiors but also the common areas,” said Cindy Cooke. “These properties are a rare find today among the stable solid B-quality assets in the East Valley.”
We are excited to see how the buyer will transform Argenta and Verona over the next couple years to bring it up to today’s standards,” said Brad Cooke. “The city of Mesa is emerging as a vibrant diverse city with strong population and job growth. At approximately half a million residents, Mesa is the third largest city in Arizona, the 38th in the nation and is attracting major companies like Apple. Plus, it is home to the new spring training facility for the World Series champions, the Chicago Cubs.”
The portfolio includes 700 apartment units, totaling 520,773 square feet. The properties were 95 percent occupied at the time of sale.
Argenta, at 4104 E. Broadway Road in Mesa, was constructed in 1985, and consists of 396 units totaling 272,549 square feet. This garden-style, two-story community offers park-like settings with mature trees and lush landscaping. Argenta offers residents a large amenity package, which includes two relaxing pools, a 24/7 fitness center, clubhouse, spa, tennis court, basketball court, playground, business center, BBQ grills and picnic tables. Individual units have full appliance packages, including dishwasher, disposal, self-cleaning oven and built-in microwave. Most of the units also include washers and dryers.
Argenta is located north of the US-60 in East Mesa, just five minutes from Gilbert. The community is adjacent to Chelsea Park and is surrounded by a variety of neighborhood shopping options and near upscale shopping at Village at Dana Park.
Verona Park, at 1666 S. Extension Road in Mesa, was constructed in 1981, and consists of 304 units totaling 248,224 square feet. The garden-style, two-story community offers low density on approximately 14 acres, with a resort-style lifestyle. Verona Park provides gated access to its property, which includes two pools with spa, 24/7 fitness center, BBQs and picnic tables, playground and a soccer court. Apartments within Verona Park offer washer and dryer in each unit, fully equipped kitchens, kitchen pantry, large walk-in closets, faux-wood flooring and ceiling fans. Some units include vaulted ceilings, patio/balcony and private storage area.
Verona Park is conveniently located just south of US-60 in the quad-city region of Tempe, Mesa, Chandler and Gilbert. The property rests in the heart of major transportation, employment and education districts.
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