Olen Buys M-F Property in Mesa

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.

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’s employment corridor, the 392-unit property is near such large employers as Banner Gateway Hospital, Banner Baywood Hospital and Boeing Co.

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.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office represented the seller, a partnership of tenant-in-common owners.

“The 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,” Anderson said in a statement. “The 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.”