NorthMarq closes Sonora Vista Apartments for $22.5M
Sonora Vista Apartments, located at 9736 East Balsam Avenue in Mesa, Arizona sold this month for $22,500,000.
The NorthMarq team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
Mesa Leased Housing Associates II, LLC and entity formed by Dominium of Plymouth, Minnesota were the buyers.
“Sonora Vista was a long-term investment for the sellers who were looking to liquidate in the booming Phoenix multifamily market place,” said Hudson. “The buyers believed it was a strategic acquisition with huge operational upside due to the fact that the affordable rental restrictions were removed and renovating and rebranding the asset will increase rents significantly.”
Two entities formed by Atlantic Development of Scottsdale, Arizona were the sellers.
Click to read more in AZ Big Media
Click to read article in Commercial Executive
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