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12/28/12
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In a recent multifamily buy from Mesa, AZ, Insite Properties LLC paid $8.65 mil for The Trails East Apartments, a 209-unit ($41.4k/unit) community located at 1653 Harris Dr.
The property, built in 1983, consists of 112 one-bedroom units and 97 two-bedroom units on 10 acres of land. Each unit includes central air, private balcony, patio, and dishwasher. Property amenities include a fitness center, covered parking, playground area for children, two pools, spa and a clubhouse.
The Trails East Apartment property is conveniently located off the 60 Hwy with easy access to the I-10 Interstate.
Tom Papoulias, Executive Vice President with the Commerce office of NAI Capital, represented the seller, Trails East LLC. The buyer was a Newport Beach investor who was able to finance this transaction at a 70% LTV. At the time of sale, the property was 85% occupied.
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