{"id":1004119903,"date":"2015-05-21T07:18:59","date_gmt":"2015-05-21T15:18:59","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=348218"},"modified":"2022-12-08T22:46:52","modified_gmt":"2022-12-09T06:46:52","slug":"olen-buys-m-f-property-in-mesa","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olen-buys-m-f-property-in-mesa\/","title":{"rendered":"Olen Buys M-F Property in Mesa"},"content":{"rendered":"<p><em>By Liviu Oltean, Associate Editor<\/em><\/p>\n<p>Olen Residential Realty Corp. of Newport Beach, Calif., increased its Arizona portfolio with the $47 million acquisition of Stone Canyon, an apartment complex in Mesa. Located at 5210 E. Hampton Ave. in Mesa\u2019s employment corridor, the 392-unit property is near such large employers as Banner Gateway Hospital, Banner Baywood Hospital and Boeing Co.<\/p>\n<p>Stone Canyon was developed in 2000 and features floor plans ranging in size from 727 to 1,146 square feet. Apartment amenities include nine-foot-high ceilings, walk-in closets, balconies and patios.<\/p>\n<p>Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE\u2019s Phoenix office represented the seller, a partnership of tenant-in-common owners.<\/p>\n<p>\u201cThe Stone Canyon apartments offer an excellent opportunity to purchase an institutional-quality asset well below replacement cost. The asset is located in a submarket that has no new multifamily construction underway with none planned,\u201d Anderson said in a statement. \u201cThe property has been well maintained and the buyer is in an excellent position to capitalize on a submarket that is expected to post the strongest population growth metro-wide over the next five years.\u201d<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Olen Residential Realty Corp., a Newport Beach, CA-based firm, increased its Arizona portfolio with the acquisition of a 392-unit apartment complex in Mesa for $47 million.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004119903","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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