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8/05/21
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Superstition Canyon, a 200-unit multifamily community in Mesa, AZ, was acquired by a SoCal-based investor for $65 mil ($325k/unit). The property is located at 1247 S 96th St, just north of Hwy 60.
Built in 2010, Superstition Canyon features a resort-style heated pool with TV, fireplace and barbeques. The property also boasts a sauna, fitness center, clubhouse with billiards table, business center, basketball court, sand volleyball court, and gated dog park.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, KB Development, an OC-based based real estate development company.
Over the last three years, Phoenix has consistently been one of the top U.S. metros for multifamily rent growth. The average multifamily rent in Phoenix increased 5.3% year-over-year in Q1 2021. In East Mesa, multifamily rent increased 6.5%, according to CBRE research.
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