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.