Capital Real Estate Buys Mesa Apartments
- Jul 18, 2016
Mesa, Ariz.—Gateway on Gilbert Apartments in Mesa, Ariz., has traded hands. San Francisco-based Hamilton Zanze (HZ) and New York City-based Dome Equities sold the property to Capital Real Estate for an undisclosed price. ARA Newmark represented the sellers.
The 432-unit apartment community at 1710 S. Gilbert Road was built in 1985 and is about 20 miles southeast of downtown Phoenix. During an ownership of almost three years, HZ undertook over $3 million in capital improvements to the property, including 216 unit upgrades, a roof replacement and clubhouse remodel.
The one- and two-bedroom units average 819 square feet and feature full-sized washers and dryers, vaulted ceilings, fireplaces, ceiling fans, and walk-in closets. Common amenities include four swimming pools, a fitness center, sports courts, dog park, and picnic and barbecue areas. At time of sale, occupancy was 96 percent.
“We executed on our value-add strategy at Gateway on Gilbert and were able to opportunistically sell the asset due to the strong Phoenix market,” said Kurt Houtkooper, HZ’s chief investment officer. “We look forward to a continued presence in this market.”
HZ has been in a disposition mode lately, selling 13 multifamily properties in 2016 thus far. Dome’s real estate portfolio totals nearly $1.27 billion, of which 94 percent are apartment properties located in 20 metro areas nationwide.