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8/05/26
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San Diego-based ColRich acquired Avia 266, a 267-unit multifamily community in Mesa, AZ, in a $52.4 mil ($196k/unit) transaction, including the assumption of an existing HUD loan. The buyer intends to rename the property The Remy.
Completed in 1984, Avia 266 features a low-density garden site plan with all one- and two-bedroom units. Community amenities include two pool and spa areas, a 24/7 fitness center, an outdoor courtyard with recreation and gathering spaces, a resident clubhouse with community kitchen, package lockers, and a fenced dog park.
Avia 266 is centrally located in the Southeast Valley approximately one-half mile from the Loop 101 freeway and less than one mile from the Loop 202 freeway. Downtown Mesa is approximately one mile east. High-wage employers, shopping and nightlife destinations, and the ASU Tempe campus are approximately three miles west. Mesa Riverview shopping center, the Riverview Baseball Complex, Riverview Park, and the spring training home for Major League Baseball’s Chicago Cubs at Sloan Park are within walking distance of Avia 266.
CBRE’s Matt Pesch, Asher Gunter and Austin Groen represented the seller, Geringer Capital.
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