Mesa, Ariz. – Colliers International‑Greater Phoenix negotiated the sale of Sorrento Apartments, a 226-unit multifamily property located at 901 South Dobson Road in Mesa, Ariz., for $9.7 million or $42,920 per unit.
Cindy Cooke, Brad Cooke, Carrie Burton and Nicholas Eggert of Colliers International’s Phoenix office represented the buyer, Hamilton Zanze & Co. of San Francisco, Calif. The seller was San Ai Dobson, LLC, of Newport Beach, Calif., who was self-represented.
“Sorrento was an off market transaction,” says Brad Cooke of Colliers. “The seller selected Hamilton Zanze as the buyer due to their ability to provide the seller with certainty of closing. Hamilton Zanze felt that Sorrento, with its recent renovations and steadily improving occupancy rate of 93 percent, was a good fit for their portfolio expansion in the Arizona market. Hamilton Zanze recently acquired seven Class B multifamily properties in Tucson, Ariz., which was also sold through our team.”
Cooke adds that Fairfield Residential managed the asset for the previous owner and was instrumental in maintaining the quality of the property and the occupancy rate. Hamilton Zanze has retained Fairfield to continue as the property management firm.
Built in 1983, the Class B asset underwent extensive interior and exterior renovations in 2007, including renovation of more than 90 percent of the units and the clubhouse. The 163,308-square-foot property consists of 226 units, with a mix of studio, one- and two-bedroom units, ranging in size from 413 square feet to 968 square feet.
Amenities include a clubhouse, fitness center, playground and two swimming pools. Sorrento is in a highly desirable location with quick access to Loops 101 and 202 and US 60 freeways and is within walking distance to Fiesta Mall and minutes to colleges and business centers.