CBRE announced the sale of the 266-unit multifamily community Avia 266 from Thayer Manca Residential to Geringer Capital for $45.25 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Thayer Manca Residential.
Located at 2354 W. University Drive in the Mesa submarket of Phoenix, Avia 266 features two swimming pools, 24-hour fitness facility, resident clubhouse, outdoor gaming space with bocce ball court, parcel pending locker for resident packages, and a dog park. Large one- and two-bedroom units have well-appointed kitchens, walk-in closets, full-size washer/dryers, and private patios or balconies.
“Avia 266 is an exceptionally well-maintained community in a submarket with dynamic multifamily drivers,” said CBRE’s Pesch. “The community’s appeal combined with the market’s fundamentals created significant buyer interest.”
According to data analyzed by CBRE Research, the multifamily occupancy rate in the northwest Mesa submarket topped 97 percent in Q3 2019 and the multifamily average rent increased 9.8 percent year-over-year compared to the national average increase of 2.9 percent.
“Avia 266 represents an excellent opportunity to enhance our Arizona portfolio with a well-positioned asset in a market with strong multifamily demand,” said Geringer Capital vice president Andrew Feola.
For over 20 years, Beverly Hills-based Geringer Capital has provided investment and development management services across nine states with a focus on multifamily through its DOMUS multifamily platform. Geringer Capital clients and partners range from local, high-net worth families and individuals to international private and public funds.
Thayer Manca Residential LLC (TMR) is a multifamily investment firm, specializing in value-add opportunities. Based in Seattle, WA, TMR has closed over $1B in transactions throughout the western U.S. from Alaska to Texas. TMR is driven by a commitment to protect and grow investor capital, while delivering safe, clean and inspired homes. Using disciplined business practices and a hands-on asset management style, TMR has generated outstanding partnership returns without a single capital loss in the company’s 35+ year history.
About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.