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Olive Apartments sell for $1.15M in Mesa Arizona

Phoenix, Arizona – October 22, 2019 – SVN Desert Commercial Advisors just recently announced the Phoenix office is now ranked #6 in the national SVN International Corp. network for the month of September.  As a full service commercial real estate brokerage firm, they are able to bring investors from all over the country to invest into the Arizona market.  Recently a California buyer identified their 2nd multifamily investment with SVN advisors Kevin Weller and Carrick Sears.

The property located at 447 S. Olive Dr. in Mesa was owned by Rosanna Lowndes with R & I DC Manor 26, LLC who wanted to sell her Arizona property to invest into another property in California, usually the other way around! The new California buyers, Brian and Michele Wolfe with Olive Street Investment, LLC wanted to invest into another multifamily property to add to their portfolio, making it their 2nd purchase in the valley.  “I wanted to say thank you for your excellent service and care,” stated the buyers.  “Throughout the process, I feel like you all have treated us like we are big time apartment owners, even though we have just bought an 11 unit.”

Through the practice of SVN’s core values, they service their clients with respect, integrity and honesty. SVN Advisor Kevin Weller said, “The Olive Apartments will always have a special place in my heart. Every time I was at the property, the blue building stood out from the rest.”  The property is surrounded by its iconic fruit-bearing tree, which is what made it so unique for the Mesa market.

The 11-unit, 8,274 square foot multifamily property sold for the list price of $1,150,000 with below market rents and a 7% CAP rate.  “I am excited to see how the new owners build on what they already have,” said Weller.

 

SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, retail, office, medical/dental, and restaurant property types. Visit our website at www.SVNDesertCommercial.com for more information.

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Media Contact: Melissa Swader
melissa.swader@svn.com

Melissa Swader

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