Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cabana Power, a newly built, 244-unit multifamily asset in Mesa, Arizona. The $84 million sales price represents $344,262 per unit.
“The first and only purpose-built attainable housing asset in the Mesa-Gilbert area, Cabana Power provides middle-class households with a much-needed non-subsidized affordable housing option,” said Steve Gebing, IPA executive managing director. “Within a three-mile radius of the property, the rent-to-income ratio is 14 percent and the rent-vs-own affordability gap is 57 percent.” Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities, and procured the buyer.
Cabana Power is located along the border between Mesa and Gilbert, surrounded by the Gateway Employment Area and near Mesa’s emerging Elliot Road Technology Corridor. Nearby Loop 202/SanTan Freeway gives residents access to about 18,000 businesses within the Chandler Airpark Area, Price Corridor, Falcon Field Airport, and the Fiesta District. Top employers include Arizona State University, TRW Vehicle Safety Systems Inc. and Able Engineering Component Services Inc. The Phoenix-Mesa Gateway Airport is nearby, and Gilbert’s central business district is just five miles from the property.
Completed in 2022, Cabana Power provides high-quality comfort, convenience, and functional apartment living at an attainable price point. Floorplans have nine-foot
ceilings, eight-foot entry doors with keyless entry, smart thermostats, and large heat-reflecting windows. Select floor plans contain built-in workstation desks and full-size, front-loading washers and dryers. The controlled access-gated community has a leasing office and clubhouse, co-working space, and two laundry rooms. Outside amenities include a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits.