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Phoenix & Southwest  + Phoenix  + Apartments  | 
Superstition Canyon

Mesa Outperforms Other Multifamily Markets

A 200-unit multifamily community, Superstition Canyon, was recently acquired by a Southern California investor for $65 million. KB Development was the seller of the Mesa property located at 1247 S. 96th St.

Built in 2010, Superstition Canyon features a pool with ramada, TV, fireplace, barbecues, a sauna, fitness center, clubhouse with billiards table, business center, basketball court, sand volleyball court and gated dog park.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of represented the seller.

“Phoenix is one of the fastest-growing metros in the country, and Mesa is an outperforming multifamily market,” said Cunningham. “Superstition Canyon is ideally positioned for continued operational success.”

During the last three years, Phoenix has consistently been one of the top U.S. metros for multifamily rent growth. The average multifamily rent in Phoenix increased 5.3 percent year-over-year in first quarter 2021 and multifamily rent in East Mesa increased 6.5 percent, according to CBRE research.

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Sean Cunningham

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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