Haven on the Rail Apartments | 111 North Mesa Drive, Mesa, AZ 85203 | 94 Units | $19,550,000 | $207,979 Per Unit | $228.91 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ. (August 18, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $19,550,000 / $207,979 Per Unit / $228.91 Per SF sale of Haven on the Rail Apartments in Mesa, Arizona. ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
Haven on the Rail Apartments is a 94-unit garden-style apartment community located near Downtown Mesa, Arizona. Residents enjoy direct access to all areas of the Phoenix Valley by way of the Red Mountain Freeway (Loop 202), Superstition Freeway (US 60), and Price Freeway (Loop 101). In addition, a Metro Light Rail station is only half a block (0.17 miles) away at North Mesa Drive and East Main Street. Dining, entertainment and recreational opportunities abound surrounding the property. The vibrant Downtown Mesa area offers numerous dining, entertainment and recreational opportunities within minutes of the community. Pioneer Park, with its recent major upgrades, is directly across the street from the property. All of these aspects make Haven on the Rail a highly desirable location for all its residents.
The property was built in two phases, Phase I in 1964 (52 Units) and Phase II (42 Units) in 1985, both built of wood frame and stucco. The unit mix consists of 15 one-bedroom / one-bath units, 38 two-bedroom / one-bath units, 41 two-bedroom / two-bath units, and 1 three-bedroom / two-bath unit. Each unit is individually metered for electricity. Select units have private patios / balconies, washer / dryer appliances (All 42 - Phase II 1985 construction units), and plenty of additional storage space. The community also provides its residents with one sparkling swimming pool, two on-site laundry facilities, picnic areas, free-standing and built-in charcoal barbecue grills, new dog park, and an abundance of covered, tuck-under unit and open parking.
Significant employers in proximity to the property include Banner Health, Mesa Riverview, Casino Arizona, Mesa Community College, and East Valley Institute of Technology.
The buyer is based in Arizona and the seller Whitehaven Capital is based in Arizona.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento, and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.