Western Wealth Buys Phoenix-Area Community for $64M
The property last traded in 2019, for less than half the current price.
Delano. Image courtesy of IPA
Institutional Property Advisors has facilitated the sale of Delano, a 265-unit multifamily property in Mesa, Ariz. The brokerage represented the seller, S2 Capital. IPA, a division of Marcus & Millichap, also procured the buyer, Western Wealth Capital. The asset sold for $64 million, or $241,509 per unit.
The community, previously known as Modern on Gilbert and Sonoma Villas, was last on the market in 2019, when it was sold by Henley Investments for $30 million, also assisted by IPA.
Delano’s single-story layout gives it a special position in the submarket, with the property also being in the midst of an interior renovation program, Cliff David, IPA executive managing director, said in a prepared statement. He also highlighted Mesa’s abundance of professional opportunities and relatively low cost of living.
The garden-style property, built in 1980 on 20 acres, is located at 1800 E. Covina St. in North Mesa. Delano occupies 528 linear feet of frontage along Gilbert Road and is accessible from both the Loop 202 and U.S. 60 freeways. Access to the Valley Metro is 1 mile away. There are many retail options within a 3-mile radius, including Riviera Plaza, which is within walking distance.
The community comprises one- and two-bedroom units ranging from 600 to 700 square feet, according to Yardi Matrix. Amenities include a fitness center, a swimming pool, a dog park and an outdoor Wi-Fi lounge.
David, alongside IPA Executive Managing Director Steve Gebing, secured the sale on behalf of the seller.
