MESA, AZ – February 5, 2018 – San Francisco-based real estate investment firm Hamilton Zanze is pleased to announce the sale of the Mesa Royale Apartments in the Woodridge Lakes district of Mesa, Arizona. The deal closed just before year end on December 28, 2017.
The community, which includes 116,940 net rentable square feet, sold for $21,750,0000, and was 98% occupied at the time of sale.
“Hamilton Zanze is traditionally a value-add operating company focused on conventional garden-style apartments, and Mesa Royale presented an alternative opportunity with its senior living component,” said Ashlee Cabeal, Hamilton Zanze’s Senior Director of Dispositions. “Acquisitions like this have allowed us to broaden our focus on different product types within the multifamily sector. We were able to execute our business plan and exceed our investors’ expectations, and we are very pleased with the outcome of this deal.”
Mesa Royale was built in 1985 at 1825 N Stapley Drive and comprises 152 rentable units. The residences range from studios to three-bedroom options and were renovated during Hamilton Zanze’s ownership. Mesa Royale is specifically home to an active-adult population that benefits from an on-site putting green and an adjacent full 18-hole golf course.
The housing market in Mesa, a submarket of Phoenix, has performed well in recent years, with a roughly 5% vacancy rate on rental offerings. The metro Phoenix economy has thrived in the years post-recession, adding 45,000 jobs year-over-year, according to recent reports. Job-seekers have been particularly drawn to numerous high-tech and telecommunications companies that have recently relocated to the area. Additionally, due to the warm climate in the winter season, Phoenix benefits greatly from seasonal tourism and recreation, especially in the golfing industry.