August 15, 2016 – CBRE has completed the sale of Rosewood Villas, a 76-unit multifamily community located at 210 N. Alma School Road in Mesa. The class B apartment complex commanded a sale price of $5.4 million.
Brian Smuckler and Jeff Seaman, leads of CBRE Multifamily Investment Properties team, negotiated the property on behalf of both buyer and seller. The seller was Insite Properties Rosewood, LLC of Newport, Calif. The buyer was Encinitas, Calif.-based Paul Adams Palms, LLC.
“Midsized B and C class multifamily properties continue to see significant rental demand throughout the Valley, but particularly in more urban, infill locations,” said CBRE’s Seaman. “Rosewood Villas is a great example, with its 100 percent occupancy. It’s adjacency to downtown Mesa and location along the Metro Light Rail ensure it is well positioned to see continued success, especially as ownership continues with a moderate interior and exterior upgrade program.”
According to CBRE Research, the North Mesa submarket’s average rental rates have increased by more than 7.6 percent in the last year. Additionally, average submarket occupancy is at 96 percent.
Rosewood Villas was developed in 1980. The property offers a mix of one-bed/one-bath and two-bed/two-bath units that feature full-size appliances, breakfast bars, wood vinyl flooring, large walk-in closets and private patios. Community amenities include a large swimming pool, community courtyard, on-site laundry and covered parking.