CBRE Arranges $52.4 Million Sale of Avia 266 in Mesa, Arizona for Geringer Capital
CBRE has arranged the $52.4 million sale of Avia 266, a 267-unit multifamily community in Mesa, Arizona, with the brokerage team of Matt Pesch, Asher Gunter and Austin Groen representing the seller, Geringer Capital. San Diego-based ColRich acquired the garden-style property, which it plans to rename The Remy, assuming an existing U.S. Department of Housing and Urban Development loan as part of the deal.
Deal Details: Geringer Capital Sells Mesa Apartment Community
The transaction closed at $52.4 million and included the assumption of an existing HUD loan. Avia 266, completed in 1984, features a low-density garden site plan with all one- and two-bedroom units across its 267-home community. Amenities include two pool and spa areas, a 24/7 fitness center, an outdoor courtyard with recreation and gathering spaces, a resident clubhouse with a community kitchen, package lockers, and a fenced dog park.
Matt Pesch, Vice Chairman at CBRE, said the deal reflects ongoing demand for well-positioned multifamily assets in the Phoenix metro. "We are pleased to have represented Geringer Capital in the sale of Avia 266. This transaction reflects continued investor interest in well-located, quality multifamily assets across the Greater Phoenix market," Pesch said.
ColRich Targets Value-Add Suburban Apartments in Growing Markets
ColRich, a real estate, construction and investment firm focused on repositioning residential workforce housing across the western United States, cited Phoenix's current supply dynamics as a key driver of the acquisition. The firm's strategy centers on older, well-located suburban apartment communities in metropolitan statistical areas experiencing job and population growth.
"ColRich remains focused on aging, well positioned suburban apartments in metropolitan statistical areas that continue to grow, both in terms of jobs and overall population," said Danny Gabriel, CEO of ColRich. "We continue to target markets like Phoenix where oversupply has created temporary softness in operations, allowing us to purchase older assets at significant discounts to replacement cost, presenting attractive reposition opportunities in 2 and 3-story walk-up product."
Built in 1984, Avia 266 represents the type of older suburban stock that ColRich has identified as offering yields and repositioning upside that newer, core assets typically cannot match.
Location and Market Context
Avia 266 is situated in the Southeast Valley, approximately one-half mile from the Loop 101 freeway and less than one mile from the Loop 202 freeway. Downtown Mesa is approximately one mile east of the property. High-wage employers, shopping and nightlife destinations, and the ASU Tempe campus are approximately three miles west. Mesa Riverview shopping center, the Riverview Baseball Complex, Riverview Park, and Sloan Park — the spring training home for Major League Baseball's Chicago Cubs — are all within walking distance.
The Phoenix market has experienced near-term operating pressure from elevated new supply, a dynamic ColRich explicitly acknowledged in framing its acquisition rationale. Capital active in the market has increasingly focused on assets with a clear repositioning story or a favorable basis relative to replacement cost, and Avia 266's 1984 vintage positions it within that investment thesis.
CBRE Brokerage Team
The CBRE team of Matt Pesch, Asher Gunter and Austin Groen represented Geringer Capital in the transaction. Pesch holds the title of Vice Chairman at CBRE.
Following the close of the transaction, ColRich is expected to begin repositioning the community under its new name, The Remy, consistent with the firm's workforce housing value-add strategy across western U.S. markets.
Sources: CBRE Press Release — CBRE Arranges Sale of Avia 266 for $52.4 Million