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Marcus & Millichap Arranges the Sale of Sunset Mesa, a 40-Unit Apartment Building in Mesa, Arizona

October 15, 2021

MESA, Ariz., October 15, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sunset Mesa, a 40-unit apartment property located in Mesa, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $6,100,000.

“Located in the heart of central Mesa with nearby access to Main Street, residents enjoy the local eateries and retail boutiques, as well as the convenience to the Light Rail,” shared Darrell Moffitt, senior vice president investments in Marcus & Millichap’s Phoenix office. “Sunset Mesa is well positioned for sustained long-term desirability and rental growth. New ownership will have the opportunity to execute a programmatic renovation of unit interiors to experience a favorable premium.”

Moffitt and Paul Bay, first vice president investments in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Moffitt and Bay.

Built in 1983, Sunset Mesa consists of 40 units including 19 one-bedroom/one-bath units, eight two-bedroom/one-bath units and 13 three-bedroom/one-bath units. The community has a courtyard style including a pool and laundry facilities along with large interior amenity space. Sunset Mesa is located at 237 South Ashland in Mesa, Arizona.

 

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About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.

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