CVG Properties acquires multifamily asset in Arizona to for $27m
Western Wealth Capital has sold Verde Dimora, a 153-unit multifamily asset in Mesa, Ariz., to CVG Properties for $27 million — or $176,470 per unit.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
The Verde Dimora community is located within one mile of two Loop 202 onramps and three miles away from the Falcon District, a 5,100-acre hub for aerospace, aviation and defense. It is also close to several shopping centers and 30 minutes away from the Phoenix Sky Harbor International Airport and Phoenix-Mesa Gateway Airport.
The average household income in northeast Mesa is $84,000, and approximately 70 percent of residents in that area occupy white collar employment, said IPA senior managing di