ColRich Pays $52.4M for Mesa Rental Community

ColRich acquired Avia 266, a 267-unit multifamily community in Mesa, AZ, for $52.4 million, including the assumption of an existing HUD loan. The buyer intends to rename the property The Remy. The sales price comes out to just under $200,000 a unit. Geringer Capital was the seller. Geringer paid $45.25 million for the property in 2019.

CBRE’s Matt Pesch, Asher Gunter and Austin Groen represented Geringer.

Completed in 1984, Avia 266 features a low-density garden site plan with all one- and two-bedroom units. 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 community kitchen, package lockers, and a fenced dog park.

Mesa Riverview shopping center, the Riverview Baseball Complex, Riverview Park, and the spring training home for Major League Baseball’s Chicago Cubs at Sloan Park are within walking distance of Avia 266.

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