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11/11/20
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Tuscany Palms, a 582-unit multifamily community in Mesa, AZ, traded for $83 mil, or $142.6k/unit. The property, located at 901 S. Country Club Dr, was acquired by Tides Equities.
Tuscany Palms features a recently updated resort-style pool and entertainment area adjacent to a modern two-story clubhouse. Additional amenities include a fitness center, canopied playground, sand volleyball and basketball courts, and barbeque areas with covered seating.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, a partnership between Investcorp and BH Equities.
“Tuscany Palms presented an excellent opportunity to acquire immediate scale in a high-growth market,” said Gunter. “The community’s amenities are among the best in the area and Mesa’s population continues to expand, driving demand for quality apartments like Tuscany Palms.”
Mesa is the third-largest city in Arizona and the 35th largest city in the United States. Mesa added approximately 71,000 new residents from 2010 to 2020, a 16.2% increase. The submarket’s multifamily occupancy in the third quarter of 2020 was 97.4%.
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