Institutional Property Advisors closes $64.65 million multifamily asset sale in Mesa

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Dana Park
Institutional Property Advisors announced the sale of Dana Park, a 222-unit apartment property in Mesa, Arizona.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Dana Park, a 222-unit apartment property in Mesa, Arizona. The $64.65 million sales price equates to $291,216 per unit.

“For over a decade, renter household growth has outpaced multifamily supply in this submarket by a multiple of three, strengthening multifamily fundamentals and supporting a favorable forward-looking rent forecast,” said Cliff David, IPA executive managing director. “Dana Park is a two-story, low-density multifamily property with best-in-class attributes for its construction era that offer new ownership an identifiable value-add strategy, supported by strong fundamentals, including limited multifamily supply.” David and IPA executive managing director Steve Gebing represented the seller, OpenPath Investments and procured the buyer, Baron Properties.

Dana Park is equidistant to the historic downtown districts of Mesa and Gilbert and across the highway from Mesa’s Village Square at Dana Park shopping center, part of over 22 million square feet of retail and dining within a five-mile radius. Nearby U.S. 60/Superstition Freeway gives residents convenient access to over 27,000 businesses in the Southeast Valley, including Banner Health, Boeing, State Farm, Intel, Amazon, Wells Fargo, Bank of America, and Honeywell.

Completed in 1986 on nearly 11 acres, Dana Park is a 19-building, garden-style apartment complex with two swimming pools and spas, lighted basketball court, covered playground, and community vegetable garden. Apartment homes feature stackable washers and dryers, built-in bookshelves and walk-in closets. The unit mix is 67 percent two-bedroom/two-bath floorplans and the remainder are one-bedroom/one-bath. The average unit size is 928 square feet.