Torrance, Calif.-based Storm Properties Inc. has acquired Mesa Villa Apartments, 130 N. 56th St., a Class B, 59-unit garden-style apartment community in Mesa.
Storm Properties will be implementing a complete property rebrand to The Landry on 56th, adding to its growing collection of The Landry Apartments. Other improvements will include signage, exterior paint, updated unit makeovers and leasing office renovations, as well as an improved pool and amenities, according to a release.
“We are excited to add Mesa Villa Apartments to our expanding portfolio. We remain bullish on the Phoenix market due to its sustained economic and job growth,” Jay Ahluwalia, Storm Properties’ president, said in the release. “Storm is actively seeking to expand our presence throughout the Valley and will look to acquire several additional multi-family communities in the Metro area in the next several years.”
The complex has one- and two-bedroom floorplans ranging in size from 520 to 850 square feet. Community amenities include a swimming pool, clubhouse, picnic and courtyard BBQ area, and covered parking.
“We would like to thank Doug Fielding and his team at Marcus & Millichap for representing both buyer and seller in this transaction,” Alan Kwan, senior director of acquisitions at Storm Properties, said in the release.
Storm Properties has experience in acquiring, entitling and developing single family and multi-family projects. It is also an active acquirer, developer, owner and manager of multifamily, industrial and commercial property with a primary focus in Southern California and Phoenix.
A full-service real estate firm, Storm has developed more than 1.3 million square-feet of industrial and commercial buildings, and 57 in-fill residential communities, the release states.
Storm Properties is a subsidiary of Torrance-based Storm Industries Inc. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a diversified group of businesses operating across the globe.