InTrust Picks Up 377-Unit Mesa Value-Add Apartments
InTrust Property Group paid $45.6 million to acquire Coral Point Apartments, a 377-unit multifamily community located at 2343 West Main Street in Mesa, Ariz. As part of its value-add strategy, InTrust plans to install washers and dryers in every unit, refresh exteriors and update the amenities. Rents are currently between $1,200 and $1,500 a month.
CBRE’s Shaun Moothart, Doug Birrell, Bruce Francis, Bob Ybarra, Nick Santangelo, Anna Britt and Amber Coleman with the company’s Capital Markets’ Debt and Structured Finance team, secured a three-year, floating-rate term featuring full-term interest-only, with two extension options on behalf of the InTrust. The lender was Brightspire Capital.
Coral Point spans 15.94 acres and comprises 24 two-story buildings, with community amenities including three swimming pools, two spas, a clubhouse and business center, fitness center, outdoor BBQ areas and a play area.
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Brokers
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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
Lenders
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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