30-unit Farnsworth Apartments in Mesa sold for $2.6M

Farnsworth Apartments, a 30-unit apartment property at 315-321 N. Higley Road in Mesa, sold for $2.6 million. (Submitted photo)

Marcus and Millichap, a commercial real estate investment services firm, has announced the sale of Farnsworth Apartments, a 30-unit apartment property at 315-321 N. Higley Road in Mesa. The asset sold for $2.6 million, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office.

Darrell Moffitt and Michael Burke, investment specialists in Marcus and Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, according to a release.

“The apartments were originally built by the Farnsworth family over 60 years ago,” Mr. Moffitt said in the release. “They retained ownership of their community up until the recent sale.”

The buyer, an individual/personal trust, was also procured by Mr. Moffitt and Mr. Burke, according to the release.

“The buyer owns and manages other properties throughout the East Valley, so they were eager to obtain this new asset. This acquisition will really complement their existing portfolio,” Mr. Moffitt said in the release

Farnsworth Apartments is part of Dreamland Villas, an age 55-plus community. Built in 1966, the single-story apartments community is comprised of 18 one-bedroom/one-bathroom units, 10 two-bedroom/two-bathroom units and two two-bedroom/two-bathroom units.

Go to MarcusMillichap.com.

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