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MIG Real Estate Picks Up 209-Unit Multifamily Property in Arizona

4/09/18

MIG Real Estate has acquired Trails at Harris Apartments, a 209-unit multifamily property in Mesa, AZ. The property is situated adjacent to the Gilbert Heritage District, one of the most desirable retail and restaurant developments in Arizona.

Originally constructed in 1983, the garden-style community is located on 9.94 acres on the Gilbert-Mesa border at 1653 South Harris St. The property features a mix of one- and two-bedroom units that average 766 sf in size. Amenities include all-electric kitchens, walk-in closets, standing showers and linen closets. Outdoor balconies or patios and stackable washer and dryers are available in select units.

Though well-maintained, the property is viewed as a value-add opportunity. MIG plans to implement significant enhancements to the asset. Interior renovations will include updated countertops, a stainless-steel appliance package, new cabinetry, synthetic plank flooring, updated light and plumbing fixtures in all units. The leasing, fitness and pool areas will undergo renovations to freshen the space and enhance use.

The third most populated city in Arizona, Mesa boasts a highly skilled, well-educated workforce. Trails at Harris Apartments is just south of US-60 between Gilbert Road and Stapley Drive and is located across the street from Harris Elementary School in the highly desirable Gilbert School District, which is among the highest ranked school districts in the Metro Phoenix area. The property is also located close to three major retail centers Mesa Grand, Shoppes at Gilbert Commons and Township Plaza providing tenants shopping variety and convenience.

Tenant opportunities for relaxation and recreation abound, as the property is within walking distance of Emerald Park, and within close proximity to AMC Theaters, McQueen Park & Activity Center, Gilbert Riparian Preserve, Superstition Springs Country Club and Gilbert Municipal Recreation Parks.

Mark Forrester, Ric Holway, Dan Cheyne and Jackson Cloak of Berkadia represented the seller. The price was not disclosed.







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