Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Talise, a 388-unit multifamily property in Mesa, Arizona. The asset traded for an undisclosed price.
“Mesa’s favorable cost of living and growing employment opportunities are creating rapid population growth, which by 2026 will result in 5,100 new renter households,” said Steve Gebing, IPA executive managing director. “Northwest Mesa, the area surrounding Talise, saw an average 30 percent year-over-year rent growth from the first quarter of 2021 to the first quarter of 2022, and for the year, rent growth is forecasted to be 26 percent.” Gebing and IPA executive managing director Cliff David represented the seller and procured the buyer.
Located along Gilbert Road and University Drive, Talise is within walking distance of a Valley Metro Rail station and close to U.S. 60/Superstition Freeway and Loop 202/RedMountain Freeway. There are three hospitals and over 8,500 medical center professionals within a seven-mile radius of the property and within a 10-mile radius there are more than 10,900 businesses. Major employers in Mesa include Amazon, Boeing, Banner Health, Google, and Facebook. New office, industrial, and retail developments, such as Mesa Hangars at Falcon Field, Falcon Tech Center, The Landing at Fiesta Village, and Union at Riverview are within a short drive. Downtown Mesa is home to the Mesa Arts Center, Hohokam Stadium, and IDEA Museum.
Talise has a well-balanced mix of open-concept floor plans with thoughtfully appointed kitchens, full-size washers and dryers, spacious walk-in closets, and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces, and built-in bookshelves. Residents have access to three resort-style swimming pools and a spa, a business center, fitness center, and mailroom.