Phoenix-Area Buyer Pays $10.5 Million for Marabrisa Condominiums’ 87-Unit Rental Block

Features October 10, 2025| | Amy Wolff Sorter

A seasoned Phoenix-based investment company added to its multifamily stock through the acquisition of the Marabrisa Condominiums’ 87 rental units. The local buyer paid $10.5 million to a Canadian seller for ownership rights of the Class B asset at 234 N. 75^th St., Mesa, AZ. The units are part of a 112-unit multifamily property that came online in 1986 and were 100% occupied at the time of closing.

“The seller wasn’t active in this area; this was his only holding in Arizona,” CBRE’s Brian Tranetzki told ApartmentBuildings.com. Tranetzki, who negotiated the transaction with CBRE colleague Anton Laakso, added that the buyer is active in the Phoenix market and currently owns over 1,000 units.

The property was on the market for less than 30 days and attracted seven offers, thanks to a “low cost-per-unit, compared to market-rate comparable,” Tranetzki explained. Other positives included favorable debt terms and a strong in-place cash flow, which permitted a higher loan-to-value.

The local investor received the nod to buy due to the offered price and terms. “The buyer anticipates acquiring the remaining individually owned condos and converting everything to a market-rate multifamily property,” Tranetzki said. He explained that after buying the 25 remaining individually owned units, the buyer could either hold the asset for its cash flow or sell it as a complete apartment community.

Marabrisa Condominiums features one-bedroom layouts ranging from 544 to 654 square feet. On-site amenities include swimming pools, a tennis court, a spa, a picnic area with a barbecue grill, laundry facilities, and covered parking. All units offer washer/dryer connections, high-speed internet access, dishwashers and extra storage.

“Marabrisa was a clean, well-kept community with little to no deferred maintenance,” Tranetzki said. “It’s well-located in East Mesa, with proximity to Interstate 60 and Loop 202, providing easy access to downtown Mesa, Chandler and Gilbert.”

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Phoenix-Area Buyer Pays $10.5 Million for Marabrisa Condominiums’ 87-Unit Rental Block

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Brokers

Remax Professionals

Jared Ennis

Rick Recckio

Eamonn McConnell

Lenders

Management

Essex Property Trust, Inc.

Josh A

Bob Tuteur

Andrew Schildcrout