Marcus & Millichap recently announced the sale of 10|Ten on Main, an 84-unit apartment property in Mesa immediately north of the Valley Metro Light Rail.
According to Ryan Sarbinoff, regional …
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84-unit apartment building in Mesa sold for $13M
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Marcus & Millichap recently announced the sale of 10|Ten on Main, an 84-unit apartment property in Mesa immediately north of the Valley Metro Light Rail.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset at 1006 W. Main St. in Mesa sold for $13,150,000.
Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.
“Equidistant to the Mesa Riverview, Fiesta District and downtown Mesa, 10|Ten on Main offers residents nearby access to a wide variety of employment opportunities and neighborhood amenities,” Paul Bay, first vice president of investments in Marcus & Millichap’s Phoenix office, said in the release. “The asset is a prime candidate for completing programmatic interior renovations, allowing new ownership to realize associated premiums already proven in the submarket.”
Mr. Bay, Cliff David, Darrell Moffitt, Nate McDaniel and Steve Gebing, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, another private investor, was procured by Mr. Bay, Mr. David, Mr. Moffitt and Mr. Gebing.
10|Ten on Main is a 1986 vintage property with 24 one-bedroom/one-bath apartments and 60 two-bedroom/two-bath apartments. Extensive community renovations were executed in 2019, including the interior renovation of 30 units.
