Phoenix-Area Community Trades for $34M
- Jun 05, 2019
Virtú Investments has sold the 194-unit La Costa at Dobson Ranch in Mesa, Ariz., for $33.8 million to a California-based private investor, according to Yardi Matrix data. Berkadia Commercial Mortgage secured a $22.2 million Freddie Mac acquisition loan for the new owner, set to mature in 2026.
Located at 1820 West Lindner Ave., the community is adjacent to Dobson Ranch Golf Course and roughly a mile from Mesa Community College. With proximity to U.S. Route 60/Arizona State Route 101, the property is less than 13 miles from the Phoenix Sky Harbor International Airport and 17 miles from downtown Phoenix.
The 23-building property was completed in 1979 on a 25.3-acre site and consists of only two-bedroom apartments with 1,043-square-foot floorplans. Common-area amenities includes a fitness center, pool, clubhouse and business center. According to Yardi Matrix data, the community was 98.5 percent occupied in April.
Last October, Virtú Investments purchased the 168-unit Barham Villas in San Marcos, Calif. A CBRE team represented the seller, MG Properties Group.