InTrust Picks Up Mesa Apartments for $59.6M
InTrust acquired the Coral Point Apartments, a 337-unit multifamily community located in the Mesa-Tempe corridor for $59.6 million. The joint venture of Scheiner Group and Living Well Homes was the seller. InTrust secured a $45.5 million acquisition loan through Brightspire Capital.
The property will be immediately rebranded and repositioned as Morrison in Mesa. The planned value-add strategy includes focused interior upgrades and comprehensive amenity improvements, designed to elevate the resident experience, reinforce the community’s long-term competitiveness, and support stronger leasing performance.
InTrust’s Josh Needle added, “This acquisition adds significant operational scale and efficiency to our existing Arizona footprint, which continues to be a fundamental market for our firm.”
Michael Koshet of KW Commercial brokered the transaction and represented both the buyer and the seller.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout