October 28, 2019
Thayer Manca Residential ended its hold on the 266-unit Avia 266 in Mesa, AZ, selling the multifamily property to Geringer Capital for $45.3 million. The Seattle seller acquired the property in January 2015 for $19.2 million, investing close to $4 million in renovations.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller. “The community’s appeal combined with the market’s fundamentals created significant buyer interest,” said CBRE’s Pesch.
The property at 2354 W. University Dr. has one- and two-bedroom units, with amenities including two swimming pools, fitness facility, resident clubhouse, parcel pending locker and a dog park.
“Avia 266 provided us with an amazing opportunity to harness a true value-add repositioning strategy, in an effort to grow investor capital,” Thayer Manca’s Joe Manca said. “We are very confident in the greater Phoenix market, and it remains a focus of ours as we continue to grow our portfolio.”
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