Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Saratoga Apartments, a 286-unit multifamily asset in Mesa, Arizona. The property sold for $35,175,000, which represents $122,990 per unit.
“Mesa’s strategic focus on cultivating the growth of core industries has contributed greatly to the city’s economic prosperity,” said Steve Gebing, IPA executive managing director. “Saratoga is a late ‘70s vintage asset that presents the buyer with an opportunity to reposition the property through a concentrated program of interior renovations.” Gebing and Cliff David, IPA executive managing director, represented the seller and procured the buyer, Tides Equities.
Located on University Drive between Mesa and Tempe, the property is one block from a Valley Metro Rail light rail station and close to Loop 101, Loop 202 and U.S. Route 60. The Mesa Riverview shopping center, Tempe Marketplace, and Sloan Park, the spring training home of the Chicago Cubs, are nearby. Major employers in Mesa include Boeing, AT&T, Drivetime Automotive Group Inc., Dexcom and Santander Consumer USA. Saratoga’s community amenities include four swimming pools, a basketball court, and tennis courts. The property was built in 1978 on 13 acres.