<< More News

Jan 13, 2012

Mesa - ROC AZ Valencia LLC in Murray, Utah (Danuel Stranger, manager) paid just under $15.523 million ($38,441 per unit) to buy the 396-unit Valencia Crossing apartments at 111 N. Gilbert Road in Mesa. The seller was PM Orange Grove Mesa LLC, a company formed by PEM Real Estate Group in Scottsdale (Paul Mashni, principal). The sale brokered by Mark Forrester and Rick Holway of Hendricks & Partners in Phoenix. The buyer acquired the multi-family property with a $10.33 million loan from Wells Fargo Bank. The investment is the first in the Valley for Stanger in 14 years. In January 1998, BREW reported Stranger paying $15.86 million ($76,202 per unit) to buy the 208-unit San Paulo apartments at 14625 S. Mountain Parkway in Phoenix. Stanger resold that asset in April 2000 for $16 million ($76,923 per unit) to a company formed by investor Jim Almon of Almon Investment Group in Seattle, Wash. Mashni's company held Valencia Crossing for 14 months before reselling the asset for a tidy profit. In November 201 BREW reported PM Orange Grove Mesa LLC paying $11.825 million ($29,861 per unit) to acquire Valencia Crossing (at that time called Orange Grove apartments). The complex was built in 1984. Find out more from Stanger at (801) 284-2900. Reach Mashni at (480) 422-6930. Forrester and Holway are at (602) 955-1122.