ColRich Acquires 267-Unit Multifamily Community In Mesa Arizona For $52.4 Million

The property involved in this transaction is Avia 266, a multifamily community located at 2354 W University Dr, Mesa, AZ. The sale was completed for $52,400,000 and comprises a total of 267 units, which translates to a price per unit of $196,255.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $52,400,000
• Units: 267
• Price Per Unit: $196,255
• Buyer: Danny Gabriel - ColRich
• Seller: Robert D. Geringer - Geringer Capital
• Brokers: Matt Pesch, Asher Gunter & Austin Groen - CBRE

CBRE facilitated the transaction with agents Matt Pesch, Asher Gunter, and Austin Groen representing the seller, Geringer Capital. The acquisition was made by San Diego-based ColRich, which also assumed an existing HUD loan as part of the deal.