The 12-unit Higley-University Apartments closed escrow on April 24, 2019 for $1,275,000 ($106,250/unit) at an existing 7.2% CAP rate. The buyer was a local investor. The property is part of Dreamland Villas, a 55+ age restricted community located at 5233 E University Drive, Mesa, AZ and is within a County Island. Most of the units had been recently remodeled and all units had upside potential in rent. The location is along the Higley Corridor, an area with increasing commercial business and rental demand. Scott Trevey, CCIM and Arvle Knight, CCIM of Kasten Long Commercial Group represented the seller.
For more information contact:
Scott Trevey, CCIM 480-205-0862 Scott@KLCommercialGroup.com
Arvle Knight, CCIM, 602-885-8000 Arvle@KLCommercialGroup.com