Real Estate
Home›Real Estate›Industry›ColRich buys 267-unit Mesa multifamily for $52.4M
ColRich buys 267-unit Mesa multifamily for $52.4M
The deal includes ColRich assuming an existing HUD loan, and it puts the purchase price at just under $200,000 per unit.
ColRich has acquired Avia 266, a 267-unit multifamily community in Mesa, Arizona, for $52.4 million, according to ConnectCRE. The purchase also includes ColRich assuming an existing HUD loan, and the buyer plans to rename the property The Remy.
ConnectCRE said the price works out to just under $200,000 per unit. Avia 266 was completed in 1984 and sits on a low-density garden site plan with one- and two-bedroom units.
The community amenities include two pool and spa areas, a 24/7 fitness center, an outdoor courtyard with recreation and gathering spaces, a resident clubhouse and community kitchen, package lockers, and a fenced dog park.
ConnectCRE reported that Geringer Capital was the seller, and that Geringer paid $45.25 million for the property in 2019. It added that nearby attractions include the Mesa Riverview shopping center and Sloan Park, the spring training home of the Chicago Cubs.