CBRE Handles Sale of The Landing at Fiesta Village

CBRE negotiated the sale of the Landing at Fiesta Village apartments in Mesa, Ariz. CBRE's Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen represented the sellers, a venture between Boston-based real estate private equity firm Rockpoint and P.B. Bell. Millburn & Company acquired the 220-unit community.

“The Landing at Fiesta Village is the cornerstone of the re-emergence of the Fiesta District, and this successful transaction is a testament to the community’s high-quality construction, excellent in-fill location, and impressive tenant demand,” said Mr. Pesch, vice chairman at CBRE. “P.B. Bell’s product design delivered one of the finest new communities in Mesa.”

The Landing at Fiesta Village unit interiors feature 9-foot ceilings, wood-style plank flooring, granite countertops and under-mount sinks with designer fixtures, a full-size washer and dryer, accent walls, smart technology features and a private patio or balcony. Gourmet kitchens include stainless steel appliances, custom cabinetry, and a tile backsplash.

“The Landing at Fiesta Village has exceptional appeal and was a great fit for our investment criteria,” said Millburn & Company Principal Sage Millburn. “The community boasts best-in-class finishes and amenities and is located in a high growth market with a track record of strong performance.”

The community features a modern design and Class A amenities, including a resident lounge, state-of-the-art fitness center, resort-style heated swimming pool and spa area, business center and co-working space, electric vehicle charging stations, dog park and pet spa, children’s playground and parcel lockers.

Millburn & Company is a privately held real estate investment firm based in Salt Lake City, Utah. Since 2010, Millburn & Company has purchased 17,000+ apartment units across the country, valued at over $3 billion.

Based in Scottsdale, P.B. Bell has provided multifamily services since 1976. P.B. Bell specializes in the development and management of multifamily housing communities in Arizona. Committed to quality apartment homes and service, P.B. Bell’s portfolio spans throughout every Phoenix submarket as well as Northern Arizona.

Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. Since 1994, the firm’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 503 transactions with a total peak capitalization of approximately $80 billion.