CVG Properties acquires multifamily asset in Arizona to for $27m

Western Wealth Capital has sold Verde Dimora, a 153-unit multifamily asset in Mesa, Ariz., to CVG Properties for $27 million — or $176,470 per unit.

Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.

The Verde Dimora community is located within one mile of two Loop 202 onramps and three miles away from the Falcon District, a 5,100-acre hub for aerospace, aviation and defense. It is also close to several shopping centers and 30 minutes away from the Phoenix Sky Harbor International Airport and Phoenix-Mesa Gateway Airport.

The average household income in northeast Mesa is $84,000, and approximately 70 percent of residents in that area occupy white collar employment, said IPA senior managing director Cliff David in a statement.

CVG Properties is a Scottsdale, Ariz.–based private investment firm that specializes in partnering with private investors to buy and operate multifamily real estate assets with the goals of cash flow, appreciation and preservation of investor capital, according to the firm’s website.