Priderock Acquires $154M AZ Portfolio

IMT Residential sold Del Coronado, Moorings at Mesa and Rancho Murietta, which are located in Tempe and Mesa.
Del Coronado

Priderock Capital Partners has acquired a three-property multifamily portfolio from IMT Residential for $153.5 million. The properties—Del Coronado, Moorings at Mesa and Rancho Murietta—are located in Tempe and Mesa, Ariz. 

CBRE’s Vice Chairmen Tyler Anderson and Sean Cunningham, as well as Senior Vice Presidents Asher Gunter and Matt Pesch arranged the sale on behalf of the seller. 

“Priderock’s purchase marks an excellent value-add acquisition of three well-located East Valley communities in submarkets with limited new development,” Anderson told Multi-Housing News. “Each of the three properties offer tremendous upside opportunity through the enhancement of community amenities and upgrades to the interior finishes.”

The Portfolio

Moorings at Mesa

Located at 843 Longmore St. in Mesa, Del Coronado offers 419 one- and two-bedroom units ranging from 744 to 1,144 square feet. The property comprises 41 two-story buildings that are 96.2 percent occupied as of July 2018, according to Yardi Matrix. The community was purchased for $56.6 million and subject to a $40.9 million loan held by Freddie Mac. Interior features include wood-style plank flooring, wood-burning fireplaces, fully-equipped kitchens, separate dining areas, vertical blinds, built-in desks and entertainment shelving, ceramic tiled baths, walk-in closets and full-size washer/dryers. Community amenities include two resort-style pools, picnic areas, barbecue grills, two spas, open green spaces, private patios/balconies, outdoor storage, a 24-hour fitness center, a playground, free Wi-Fi, a dog park, a clubhouse and a clothes care center. 

Situated on a 29-acre site at 1233 N. Mesa Drive in Mesa, Moorings at Mesa features 406 two-bedroom apartments ranging from 1,107 to 1,219 square feet. The asset comprises 51 two-story buildings that are 95.8 percent occupied as of July 2018, according to Yardi Matrix. The property sold for $55.3 million and was subject to a $38.7 million Freddie Mac loan. Interior features include washer/dryer hookups, fireplaces, vaulted ceilings and private balcony/patios. Residents have access to amenities such as a fitness center, a clubhouse, a playground, four swimming pools, four spas, outside storage and laundry facilities. 

Rancho Murietta

Lastly, located at 1717 S. Dorsey Lane in Tempe, Rancho Murietta offers 292 one-, two- and three-bedroom floorplans ranging from 720 to 1,444 square feet. The property comprises 28 two- and three-story buildings that are 93.5 percent occupied as of July 2018, according to Yardi Matrix. The asset sold for $41.6 million and was subject to a $30 million Freddie Mac loan. Interior features include washer/dryers, fireplaces, walk-in closets, wood-style plank flooring, ceramic tile baths, fully-equipped kitchens and separate dining areas. Communal amenities include a fitness center, a clubhouse, a tennis court, a basketball court, a swimming pool, a spa, a volleyball court, a clothes care center, a dog park and picnic/barbecue areas. 

Last October, Priderock Capital acquired the Heritage at Deer Valley for $125.5 million, from IMT Capital. The purchase marks the largest overall price for one property in Phoenix apartment history. 

Images courtesy of CBRE