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5/15/15
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Stone Canyon, a 392-unit community in Mesa, AZ, was purchased for $47 mil ($120k/unit) by O.R.R. Mesa 1 LLC. Built in 2000 on 23.7 acres, the property is located off U.S. Route 60 at 5210 East Hampton Ave.
Stone Canyon is near employers such as Banner Gateway Hospital and Banner Baywood Hospital, the Boeing Co’s Apache helicopter facility, and Grand Canyon University’s new, 10,000-student east Valley campus. In addition, two retail landmarks, Superstition Springs Center and Village Square at Dana Park, are within three miles of the subject property.
Stone Canyon’s floor plans range from 727 sf to 1.1k sf and feature nine-foot ceilings, built-in computer desks, plush carpeting and walk-in closets. Community amenities include two pools, a fitness center, a clubhouse and resident lounge, outdoor fire pit with cushioned seating, barbecue grilling stations with entertainment areas, a nine-hole putting green and mountain views.
Institutional Property Advisors senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the buyer in the transaction.
“The city of Mesa offers one of the most diverse business climates in Greater Phoenix, underscoring a strong economic trajectory led by health services,” says Gebing. “This distinction, coupled with meaningful population growth projections for the southeast Valley over the next five years, really highlights what’s compelling about Stone Canyon. Furthermore, the new owner may further enhance value through common area and amenity upgrades, as well as strategic interior renovations.”
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