Western Wealth Capital Sells Phoenix-Area Property

The 153-unit Verde Dimora traded for $27 million, or roughly $177,000 per unit. A team from IPA represented the seller and procured the buyer.
Verde Dimora. Image courtesy of IPA

CVG Properties has paid $27 million for the 153-unit Verde Dimora community in Mesa, Ariz. CBRE Capital Markets originated a $16.4 million 10-year Freddie Mac loan for the new owner, according to Yardi Matrix information. The seller was Western Wealth Capital, which recently purchased the 183-unit South Mountain in Phoenix. Cliff David and Steve Gebing, senior managing directors with Institutional Property Advisors, a division of Marcus & Millichap, worked on behalf of the seller and procured the buyer.   

Located at 2217 N. Power Road, the property is adjacent to Mesa Community College and north of the intersection of Power and McKellips roads, with easy access to plenty of retail and restaurant choices. Additionally, the asset is 3 miles from Falcon District, the city’s 5,100-acre high-tech hub for aerospace, aviation and defense and less than 30 miles from downtown Phoenix. The region has experienced professional expansion backed by strong demographics such as the average household income of roughly $84,000 and 70 percent of residents in white-collar employment, according to David.

The 13 three-story buildings consist of one- and two-bedroom apartments with floorplans of 657 and 993 square feet. Common-area amenities at the gated community include a pool with sundeck, barbecue and picnic area, clubhouse and fitness center. Per Yardi Marix data, the asset was 94.8 percent occupied as of April.