Scottsdale-based Sterling Real Estate Partners recently acquired Mark at 87 apartments in Mesa, Arizona. Located within the heart of the South-East Valley, the 92-unit multifamily community is surrounded by some of Mesa’s greatest amenities.
“Mark at 87 is our second acquisition in Mesa in the last 12 months and fits our traditional undervalued asset profile” said Sterling Real Estate Partners President, David Zeff. “Asset values have increased significantly across the Valley, and we continue to seek opportunities where we can acquire below replacement cost.”
This latest acquisition brings Sterling’s Arizona investment activity to more than $150 million since 2015. Built in 1970, the property is situated in the exploding East Valley of Metro Phoenix. The consistency of unit size and proximity to employment, education, and entertainment situates this community as a great fit for young professionals and students. Located off Country Club Drive between the 202 and 101 freeways and a short distance from highway 60, Mark at 87 is advantageously positioned to deliver easy commutability to the entire Phoenix metro and its diverse employment hubs. Prominent nearby employers include Boeing, MD Helicopters, GoDaddy, Orbital Sciences, the City of Mesa, Mesa Community College, the County of Maricopa, Drivetime Automotive Group, TRW, SRP, American Traffic Solutions, Santander Consumer USA, State Farm Insurance, and Wells Fargo Bank.
Upon acquisition, the property remains 99 percent occupied with all units in classic condition. In the coming months, Sterling’s management team will implement its strategic capital improvement plan to reposition the asset. Mark at 87 will be renovated to include a modern paint scheme, enhanced landscaping, updated office, pool area, outdoor lounge, and upgraded unit interiors with a high end finish out.
The brokers that handled the transaction were Chris Canter, Senior Managing Director, and Brett Polachek, Senior Managing Director from Newmark Knight Frank, and the financing was arranged by Lucas Donahue, Senior Vice President from Grandbridge.
About Sterling Real Estate Partners
Sterling Real Estate Partners is a vertically integrated real estate investment company that specializes in multifamily value-add, development, and adaptive reuse projects throughout the Southwestern United States. Sterling is actively pursuing multifamily opportunities in Arizona. For more information, you can visit Sterling’s website at www.sterling-partners.com to contact President David Zeff or Caleb Augustyn, Acquisitions Associate.