Cushman & Wakefield announced today that Sycamore Square Apartments at 1120 S. Sycamore in Mesa, AZ, has been sold to an Oregon-based investor for $9.95 million.
The 120-unit apartment complex contains 103,200 square feet of space and is currently 94% occupied. Built in 1978, the project is located near the corner of Southern Avenue and Dobson Road in South Mesa.
Cushman & Wakefield Senior Directors Brett Polachek and Jim Crews negotiated the sale transaction. RND6, LLC c/o Crown Realty & Development of Irvine, CA, sold the property to T&D Alder Creek Equity, LCC c/o Bean Investment Real Estate, Inc. of Portland, OR.
“Sycamore Square fulfilled an exchange requirement for the buyer, and the purchaser’s plan is to operate the property for cash flow,” said Mr. Polachek.