PREI Sells Arizona Asset for $11.5M

Colliers brokers PREI's sale of a 192-unit asset; and Marcus & Millichap handles a large portfolio sale in Atlanta.

Mesa, Ariz.—Prudential Real Estate Advisors has completed its disposition of Lucera Apartments, a 192-unit asset located at 2940 E. Broadway Road in Mesa, Ariz. The sales price was $11.5 million. Vancouver-based New City Financial Group was the buyer. Colliers International’s HSK Multifamily team represented both parties in the transaction.

“New City Financial Group felt Lucera Apartments was a desirable asset to acquire, with its location in a dynamic area of Mesa that is seeing improvements in both rent and occupancy,” says Jeffrey Sherman at Colliers. “Lucera also offers excellent visibility on Broadway Road, with proximity to employment centers, and is in great physical condition.”

The 1986-built property was 93-percent occupied and features 11 buildings set on 6.94-acres. Amenities include controlled access, a business center, clubhouse, fitness room, two swimming pools and a spa.

Marcus & Millichap brokers $49.5M Atlanta portfolio sale

Atlanta—Marcus & Millichap has sold a nine-property apartment portfolio in Atlanta for an aggregate total of $49.5 million. The properties are located north of Buckhead on Buford Highway, and are flanked by Brookhaven and Druid Hills. The local buyer, Marquis Investments, owns approximately 5,000 units in Atlanta. The portfolio includes:

  • Cross Keys Cabana Apartments, 199 units
  • Hallmark Apartments, 154 units
  • Parkway Apartments, 111 units
  • Garden Grove, 128 units
  • Continental Village, 158 units
  • Parkview Terrace, 135 units
  • Majestic Village, 62 units
  • Monaco Garden, 132 units
  • Montego Garden, 108 units

“The timing of this transaction made it beneficial to both parties,” says Paul Vetter, vice president in the Atlanta office of Marcus & Millichap. “The seller brought the portfolio’s NOI from $2.5 million to $4 million in 11 months and took advantage of Atlanta’s rising apartment market. The stabilized NOI and 8 percent cap rate are favorable to the new owner, who is now in a perfect position to capitalize on long-term growth and land value appreciation, especially on the four best-located assets.”