Sunrise on the Rail Apartments | 111 North Mesa Drive, Mesa, AZ 85203 | 94 Units | $17,400,000 | $185,106 Per Unit | $203.73 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (August 9, 2024) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $17,400,000 / $185,106 Per Unit / $203.73 Per SF sale of Sunrise on the Rail Apartments, a 94-unit multifamily apartment community located in Mesa, Arizona. The Seller was represented by ABI Multifamily's Phoenix-based Institutional Arizona Team - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick.
The Buyer is based in California and the Seller is based in Arizona.
Sunrise on the Rail Apartments is a 94-unit garden-style apartment community located near Downtown Mesa, Arizona. Residents enjoy direct access to all areas of the Phoenix Valley by way of the Red Mountain Freeway (Loop 202), Superstition Freeway (US 60), and Price Freeway (Loop 101). In addition, a Metro Light Rail station is only half a block (0.17 miles) away at North Mesa Drive and East Main Street. The vibrant Downtown Mesa area offers numerous dining, entertainment, and recreational opportunities within minutes of the community. Pioneer Park is directly across the street from the property and the Plaza at Mesa City Center provides residents access to a four-acre downtown space that features a geometric shade canopy, water feature, seasonal ice-skating rink space, and large screen to watch movies at the nearby ASU Media and Immersive eXperience (MIX) Center.
The property was built in two phases, Phase I in 1964 (52 units) and Phase II in 1985 (42 units), both built of wood frame and stucco. The unit mix consists of 15 one-bedroom / one-bath units, 38 two-bedroom / one-bath units, and 41 two-bedroom / two-bath units. Each unit is individually metered for electricity. Select units have private patios / balconies, washer / dryer appliances (all 42 - Phase II 1985 construction units), and plenty of additional storage space. The community also provides its residents with one sparkling swimming pool, one on-site laundry facility, newly renovated fitness centers, picnic areas with pergolas and shade sails, free-standing and built-in charcoal barbecue grills, dog park, and an abundance of covered, tuck-under-unit and open parking.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Las Vegas, San Diego, and Tucson, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.