March 16, 2016
Silverstone Moreno LLC, based in Carlsbad, CA, acquired the 226-unit Sorrento Apartments at 901 S. Dobson Rd. in Mesa, AZ. for $18 million. San Francisco-based Hamilton Zanze sold the property.
Sorrento Apartments, a Class B asset, was 94% occupied at the time of sale. Cindy Cooke and Brad Cooke, of Colliers International in Greater Phoenix, represented the seller.
“Sorrento offers the buyer a true value-add opportunity, with its strong infill location in the heart of the Southeast Valley,” said Cindy Cooke. “This investment provides Silverstone Moreno excellent upside potential through interior upgrades and improvements to the common areas and community amenities.”