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May 24, 2019
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AZ Multifamily Community Trades in $62 Mil Deal


The District at Mountain Vista, a 384-unit multifamily community in Mesa, AZ, was acquired by South 105th AZ Partners LLC, an entity formed by Atlanta-based Cortland Partners, in a $62 mil transaction. The asset ws sold by Atlanta-based Kaplan Mountain Vista Apartments LP, an entity formed by Westplan Investors and Kaplan Development LLC.

Located at 1304 S. 105th Place, The District at Mountain Vista is a 384-unit, Class A garden-style luxury rental community offering a mix of one-, two-, and three-bedroom floor plans at an average size of 965 sf. Each apartment features crown molding, breakfast bar, Whirlpool black appliances, full-size washer/dryers, walk-in closets, detached private garage, private patios/balconies and nine-foot ceilings.

The property’s amenity set includes a clubhouse, resort-style pool, poolside café tables and barbecue grills, resident business center with WiFi, fitness center, yoga studio, gated entry, extra storage units and a dog park. Located in East Mesa near the US-60 and the Loop 202, The District at Mountain Vista provides easy access to restaurants, shopping, entertainment, recreation, schools and medical centers.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.According to Fogler, the buyer was attracted to the property by the overall quality of the asset and the potential to add value through a program of upgrading unit interiors and the community’s amenity package.

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