
KB Investment Development Claims Mesa’s Superstition Canyon Apartments
Newport Beach, CA-based KB Investment Development added Superstition Canyon, a 200-unit Class A low-density garden community in East Mesa, to its Phoenix metro multifamily portfolio. Located at 1247 S. 96th St., the property includes a vacant 1.7-acre parcel, which will provide additional development potential in a sub-market with limited opportunities for new apartment supply.
CBRE’s Phoenix multifamily team of Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch brokered the sale. The asset will be managed by Maverick Residential Company.
KB’s Khosro Khaloghli says, “The Phoenix multifamily market is in such a strong position that we feel confident in our ability to maximize the upside potential of this new asset even during a possible period of small adjustments in rent growth.”
The transaction marks the fifth large multifamily project acquired by KB in the Phoenix area since it entered the local market in 2015.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition